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Morningstar® Investment Profile™

Oakmark International Small Cap Investor OAKEX

Release date as of 2024-03-31. Data on page is subject to change.


	Snapshot		Total Returns		Ratings & Risk		Portfolio		Nuts & Bolts

Morningstar Report

Overall Morningstar Rating™
What is this?


As of 2024-03-31

Out of 46 Foreign Small/Mid Value Funds

Morningstar®
Style Box™

What is this?

As of 2023-12-31

Total Fund Assets ($ Mil)
1,462.22

View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy

The investment seeks long-term capital appreciation.

The fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. It invests at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of "small cap companies." A small cap company is one whose market capitalization is no greater than the largest market capitalization of any company included in the S&P EPAC (Europe Pacific Asia Composite) Small Cap Index. The fund may invest in non-U.S. markets throughout the world, including emerging markets. It will invest in the securities of at least five countries outside the U.S.

Morningstar Category: Foreign Small/Mid Value

Foreign small/mid-value portfolios invest in international stocks that are smaller and less expensive than other stocks. These portfolios primarily invest in stocks that fall in the bottom 30% of each economically integrated market (such as Europe or Asia ex-Japan). Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). These portfolios typically will have less than 20% of assets invested in U.S. stocks.

Performance

Growth of $10,000

(from 2014-01-01 to 2024-03-31)


	Investment:	Oakmark International Small Cap Investor
	Benchmark 1:	MSCI ACWI Ex USA NR USD
	Benchmark 2:	MSCI ACWI ex USA SMID Value NR USD
	Category:	Foreign Small/Mid Value

This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.

Total Annualized Returns %

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

Investment

0.51

12.74

3.15

8.45

4.65

8.62

MSCI ACWI Ex USA NR USD

4.69

13.26

1.94

5.97

4.25

---

MSCI ACWI ex USA SMID Value NR USD

2.21

14.07

2.54

5.22

3.90

6.56

Category

3.43

14.51

4.46

6.79

4.38

7.20

Morningstar Rating

---

# of compared Foreign Small/Mid Value funds covered (3 yrs : out of 46 funds) (5 yrs : out of 40 funds) (10 yrs : out of 22 funds)

Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.

Quarterly Trailing Average Annualized Total Returns

YTD		1-Year	3-Year	5-Year	10-Year	Since Inception
Total Avg. Ann. Return %	0.51	12.74	3.15	8.45	4.65	8.62

Data through 2024-03-31

Fees and Expenses

Total Annual Operating Expense	1.34%
Prospectus Net Expense Ratio	1.34%
Maximum Sales Charge	---

The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.

Waiver Data

	Type	Date	%
---	---	---	---

Performance information may reflect historical or current expense waivers or reimbursements, without which, performance would have been lower.

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

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Morningstar® Investment Profile™

Morningstar®
Disclosure

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for Print

Oakmark International Small Cap Investor OAKEX

Release date as of 2024-03-31. Data on page is subject to change.


	Snapshot		Total Returns			Ratings & Risk		Portfolio		Nuts & Bolts

Morningstar Ratings

	Morningstar Return	Morningstar Risk	Morningstar Rating	Number of Funds
3-Year	Average	High		46
5-Year	Above Avg	High		40
10-Year	Average	High		22
Overall	Average	High		46

Morningstar Category: Foreign Small/Mid Value \| Number of Funds in Category: 46
Data through 2024-03-31

Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.

Volatility Measurements

Standard Deviation	22.17
Mean	3.15
Sharpe Ratio	0.12


Trailing 3-Yr as of 2024-03-31

Modern Portfolio Theory Statistics

	Best Fit Index MSCI Europe NR USD
R-Squared	93
Beta	1.17
Alpha	-2.97


Trailing 3-Yr as of 2024-03-31

Principal Risks

Show Risk Definitions

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Library

Morningstar® Investment Profile™

Morningstar®
Disclosure

Format
for Print

Oakmark International Small Cap Investor OAKEX

Release date as of 2024-03-31. Data on page is subject to change.


	Snapshot		Total Returns		Ratings & Risk			Portfolio		Nuts & Bolts

Style Box Details for Stock Holdings

Size
Average Mkt Cap $Mil	3,338

Market Capitalization

% of Portfolio

Giant	0.00
Large	2.75
Medium	72.51
Small	23.11
Micro	1.63

Trailing Valuations

Stock
Portfolio

Price/Book	1.3
Price/Earnings	10.9
Price/Cash Flow	7.4

As of 2023-12-31

Data as of 2023-12-31

Asset Allocation

% of Net Assets
	U.S. Stocks	0.5
	Non-U.S. Stocks	97.0
	Bonds	0.0
	Cash	2.5
	Other	0.0

Data through 2023-12-31

Morningstar Equity Sectors

		% of Stocks
	Cyclical	36.28
	Basic Materials	1.51
	Consumer Cyclical	14.74
	Financial Services	17.42
	Real Estate	2.61



	Sensitive	50.83
	Communication Services	6.50
	Energy	0.00
	Industrials	32.27
	Technology	12.06



	Defensive	12.87
	Consumer Defensive	3.29
	Healthcare	9.58
	Utilities	0.00

Data through 2023-12-31

Morningstar World Regions

% Fund
Americas	5.5

North America	2.9
Latin America	2.6

Greater Europe	78.6

United Kingdom	21.2
Europe Developed	56.3
Europe Emerging	0.0
Africa/Middle East	1.1

Greater Asia	15.9

Japan	4.9
Australasia	3.9
Asia Developed	6.3
Asia Emerging	0.8

Data through 2023-12-31

Top 25 Holdings

Total Number of Stock Holdings	63
Total Number of Bond Holdings	0
% of Net Assets in Top 10 Holdings	28.52

Turnover %	(as of 2023-09-30)	32.00
30 Day SEC Yield %		3.21

Top 25 Holdings

	Sector	Country	% of Net Assets

Konecranes Oyj		Finland	3.45
Azimut Holding SPA		Italy	3.29
Duerr AG		Germany	3.03
ISS A/S		Denmark	2.99
Atea ASA		Norway	2.90

Nexi SpA		Italy	2.87
Julius Baer Gruppe AG		Switzerland	2.69
Dometic Group AB		Sweden	2.50
DS Smith PLC		United Kingdom	2.45
BNK Financial Group Inc		South Korea	2.35

Travis Perkins PLC		United Kingdom	2.34
St James's Place PLC		United Kingdom	2.25
DGB Financial Group Co Ltd		South Korea	2.13
Howden Joinery Group PLC		United Kingdom	2.11
Hays PLC		United Kingdom	2.08

Metso Corp		Finland	2.06
ConvaTec Group PLC		United Kingdom	2.02
TeamViewer AG Bearer Shares		Germany	2.02
Ansell Ltd		Australia	2.00
Loomis AB Class B		Sweden	1.99

SoftwareONE Holding AG Ordinary Shares		Switzerland	1.83
Pirelli & C SpA Ordinary Shares		Italy	1.79
Euronext NV		France	1.79
Fluidra SA		Spain	1.78
oOh media Ltd		Australia	1.77

Data through 2023-12-31

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Library

Morningstar® Investment Profile™

Morningstar®
Disclosure

Format
for Print

Oakmark International Small Cap Investor OAKEX

Release date as of 2024-03-31. Data on page is subject to change.


	Snapshot		Total Returns		Ratings & Risk		Portfolio			Nuts & Bolts

Fees and Expenses	Taken from prospectus dated 2024-01-28

Maximum Sales Fees
Maximum Sales Charge	---


Maximum Fees
Administrative	---
Management	1.02%
12b-1	---

Actual Fees
12b-1	---
Management	0.99%
Prospectus Net Expense Ratio	1.34%
Total Annual Operating Expense	1.34%

Waiver Data

	Type	Date	%
---	---	---	---

Management

Inception Date: 1995-11-01


Mngr Name	Michael L. Manelli
Mngr Start Date	2011-05-11

Biography
- Vice President of The Oakmark Funds - Portfolio Manager of the Oakmark International Fund and the Oakmark International Small Cap Fund - Portfolio Manager of International and International Small Cap Strategies - BBA (University of Iowa, 2000) - Research Associate/Analyst at Morgan Stanley (2001-05)


Mngr Name	Justin D Hance
Mngr Start Date	2016-11-30

Biography
- Vice President of The Oakmark Funds - Portfolio Manager of the Oakmark International Small Cap Fund - Portfolio Manager of International Small Cap Strategy - BA (Claremont McKenna College, 2006) - Senior International Investment Analyst with Harris Associates (2010-14); Investment Analyst at BMGI (2006-10)


Mngr Name	David G. Herro
Mngr Start Date	1995-11-01

Biography
- Vice President of The Oakmark Funds - Portfolio Manager of the Oakmark International Fund, the Oakmark International Small Cap Fund, the Oakmark Global Fund and the Oakmark Global Select Fund - Portfolio Manager of the International, International Small Cap, Japan, Global All Cap, Global and Global Concentrated Strategies - BS (University of Wisconsin-Platteville, 1983) - MA (University of Wisconsin-Milwaukee, 1985) - Portfolio Manager specializing in developing and managing international portfolios for the State of Wisconsin Investment Board (1989-92), and The Principal Financial Group (1986-89)

Investment Advisor(s)

Harris Associates L.P.

Web Site

www.oakmark.com

Issuer

Oakmark

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profiles^sm: Disclosure Statement

Performance

Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Due to market volatility, the investment's return may vary greatly over short periods of time.

For mutual funds, standardized total return is total return adjusted for sales charges. The sales charge utilized in the standard return calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index.

For separate accounts and commingled funds, Net-of-Fee returns are collected on a monthly and quarterly basis. Morningstar calculates total returns using the raw data collected from the asset management firm or plan provider. The performance data reported by the separate account managers or plan provider represents actual performance net of trading expenses, management fees, brokerage commissions or other expenses. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index. Clients should refer to the disclosure document of the separate account manager and their Summary Plan Description (SPD) for specific information regarding fees and expenses.

Growth of $10,000

Shows the growth of $10,000. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing investment expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.

Morningstar Rating, Risk and Return

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.

Overall ratings represent a weighted average of specific time period (3-, 5- and 10-year) ratings.

The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Oakmark International Small Cap Investor

Morningstar Ratings (Relative to Category)

Morningstar Return

Morningstar Risk

Morningstar Rating

# of Funds

3-year

Average

High

5-year

Above Avg

High

10-year

Average

High

Overall

Average

High

Morningstar Category : Foreign Small/Mid Value | Number of Funds in Category: 46

Data through 2024-03-31

Risk Measures

R-squared reflects the percentage of an investment option's movements that are explained by movements in its benchmark index, showing the degree of correlation between the investment option and the benchmark.

Beta is a measure of an investment option's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between an investment option's actual returns and its expected performance, given its level of risk (as measured by beta).

The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.

Standard deviation is a statistical measure of the volatility of the investment option's returns.

Mean represents the annualized three-year geometric return.

Morningstar Style Box^TM

The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.

For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). A darkened cell in the style box matrix indicates the weighted average style of the portfolio.

For portfolios holding fixed-income investments, a Fixed Income Style Box is calculated. The vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. There are three credit categories - "High", "Medium", and "Low"; and there are three interest rate sensitivity categories - "Limited", "Moderate", and "Extensive"; resulting in nine possible combinations. As in the Equity Style Box, the combination of credit and interest rate sensitivity for a portfolio is represented by a darkened square in the matrix. Morningstar uses credit rating information from credit rating agencies (CRAs) that have been designated Nationally Recognized Statistical Rating Organizations (NRSROs) by the Securities and Exchange Commission (SEC) in the United States. For a list of all NRSROs, please visit https://www.sec.gov/ocr/ocr-current-nrsros.html. Additionally, Morningstar will use credit ratings from CRAs which have been recognized by foreign regulatory institutions that are deemed the equivalent of the NRSRO designation. To determine the rating applicable to a holding and the subsequent holding weighted value of a portfolio two methods may be employed. First is a common methodology approach where if a case exists such that two CRAs have rated a holding, the lower rating of the two should be applied; if three or more CRAs have rated a holding, the median rating should be applied; and in cases where there are more than two ratings and a median rating cannot be determined, the lower of the two middle ratings should be applied. Alternatively, if there is more than one rating available an average can be calculated from all and applied. Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit rating on the fund. Credit ratings for any security held in a portfolio can change over time.

Morningstar uses the credit rating information to calculate a weighted-average credit quality value for the portfolio. This value is based only upon those holdings which are considered to be classified as "fixed income", such a government, corporate, or securitized issues. Other types of holdings such as equities and many, though not all, types of derivatives are excluded. The weighted-average credit quality value is represented by a rating symbol which corresponds to the long-term rating symbol schemas employed by most CRAs. Note that this value is not explicitly published but instead serves as an input in the Style Box calculation. This symbol is then used to map to a Style Box credit quality category of "low," "medium," or "high". Funds with a "low" credit quality category are those whose weighted-average credit quality is determined to be equivalent to the commonly used High Yield classification, meaning a rating below "BBB", portfolios assigned to the "high" credit category have either a "AAA" or "AA+" average credit quality value, while "medium" are those with an average rating of "AA-" inclusive to "BBB-". It is expected and intended that the majority of portfolios will be assigned a credit category of "medium".

For assignment to an interest-rate sensitivity category, Morningstar uses the average effective duration of the portfolio. From this value there are three distinct methodologies employed to determine assignment to category. Portfolio which are assigned to Morningstar municipal-bond categories employ static breakpoints between categories. These breakpoints are: "Limited" equal to 4.5 years or less, "Moderate" equal to 4.5 years to less than 7 years; and "Extensive" equal to more than 7 years. For portfolios assigned to Morningstar categories other than U.S. Taxable, including all domiciled outside the United States, static duration breakpoints are also used: "Limited" equals less than or equal to 3.5 years, "Moderate" equals greater than 3.5 years but less than or equal to 6 years, and "Extensive" is assigned to portfolios with effective durations of more than 6 years.

Note: Interest-rate sensitivity for non-U.S. domiciled portfolios (excluding those in Morningstar convertible categories) may be assigned using average modified duration when average effective duration is not available.

For portfolios Morningstar classifies as U.S. Taxable Fixed-Income, interest-rate sensitivity category assignment is based on the effective duration of the Morningstar Core Bond Index (MCBI). The classification assignment is dynamically determined relative to the benchmark index value. A "Limited" category will be assigned to portfolios whose average effective duration is between 25% to 75% of MCBI average effective duration, where the average effective duration is between 75% to 125% of the MCBI the portfolio will be classified as "Moderate", and those portfolios with an average effective duration value 125% or greater of the average effective duration of the MCBI will be classified as "Extensive".

Investment Risk

Foreign Securities Investment Options:/Emerging Market Investment Options: The investor should note that investment options that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Investment Options: The investor should note that investment options that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Non-Diversified Investment Options: The investor should note that investment options that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Small Cap Investment Options: The investor should note that investment options that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.

Mid Cap Investment Options: The investor should note that investment options that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.

High-Yield Bond Investment Options: The investor should note that investment options that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

Yield

The yield of an investment option refers to the income generated by an investment in that investment option over an identified period of time. The SEC 30-day yield refers to the income generated by an investment over an identified 30-day period. The SEC 30-day yield is calculated by dividing: (I) the net investment income per share of the investment option earned over a 30-day period; by (II) the maximum offering price per share of the investment option on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by investing in the investment option because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.