SUPPLEMENT DATED JULY 1, 2000
      TO PROSPECTUS OF THE OAKMARK FAMILY OF FUNDS DATED JANUARY 29, 2000

                           THE OAKMARK SMALL CAP FUND

Clyde S. McGregor, C.F.A., has become co-portfolio manager of The Oakmark Small
Cap Fund with James P. Benson. Mr. McGregor, who has replaced Steven J. Reid,
joined Harris Associates L.P., the Fund's investment adviser, as an analyst in
1981 and began managing portfolios in 1986. He holds an M.B.A. in Finance from
the University of Wisconsin-Madison (1977) and a B.A. in Economics and Religion
from Oberlin College (1974).

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