HARRIS ASSOCIATES INVESTMENT TRUST
                          Supplement dated May 6, 2002
                      to Prospectus dated January 31, 2002

              CLOSING OF THE OAKMARK INTERNATIONAL SMALL CAP FUND

    As of the close of business on May 10, 2002, The Oakmark International Small
Cap Fund (the "Fund") will close to purchases by new investors, except as
described below. The Fund is taking this step to facilitate the portfolio
managers' ability to manage the Fund effectively.

    IF YOU ARE CURRENTLY A SHAREHOLDER IN THE FUND (IN YOUR OWN NAME OR AS A
BENEFICIAL OWNER OF SHARES HELD IN SOMEONE ELSE'S NAME), YOU MAY CONTINUE TO
MAKE ADDITIONAL INVESTMENTS IN THE FUND AND REINVEST YOUR DIVIDENDS AND CAPITAL
GAINS DISTRIBUTIONS, EVEN THOUGH THE FUND HAS CLOSED.

    YOU MAY OPEN A NEW ACCOUNT IN THE FUND AFTER IT HAS CLOSED ONLY IF:

    - You purchase through an employee retirement plan whose records are
      maintained by a trust company or plan administrator and whose investment
      alternatives include shares of the Fund;

    - You are transferring or "rolling over" into an IRA account of the Fund
      from an employee benefit plan through which you held shares of the Fund
      (if your plan doesn't qualify for rollovers, you may still open a new
      account with all or part of the proceeds of a distribution from the plan);

    - You purchase into an annuity account offered by a company that includes
      shares of the Fund as an investment alternative for such account;

    - Your business or other organization is already a shareholder of the Fund
      and you are opening an account for an employee benefit plan sponsored by
      that organization or an affiliated organization; or

    - You are a client of Harris Associates L.P. (the "Adviser") or you have an
      existing business relationship with the Adviser and, in the judgment of
      the Adviser, your investment in the Fund would not adversely affect the
      Adviser's ability to manage the Fund effectively.

    An employee benefit plan that is a Fund shareholder may continue to buy
shares in the ordinary course of the plan's operations, even for new plan
participants.

    The board of trustees of the Trust concluded that permitting the additional
investments described above would not adversely affect the ability of the
Adviser to manage the Fund effectively. The Trust reserves the right to re-open
the Fund to new investors or to modify the extent to which future sales of
shares are limited.

    If you have any questions about your eligibility to purchase shares of the
Fund, please call 1-800-OAKMARK or visit The Oakmark Family of Funds' website at
www.oakmark.com.

INTLSCCLOSING