HARRIS ASSOCIATES INVESTMENT TRUST

                         Supplement dated August 4, 2004
     to the Prospectus of The Oakmark Family of Funds dated January 31, 2004

                    LIQUIDATION OF THE OAKMARK SMALL CAP FUND

     On August 4, 2004, the board of trustees of Harris Associates Investment
Trust, upon the recommendation of Harris Associates L.P. (the "Adviser"),
approved a plan to liquidate and terminate The Oakmark Small Cap Fund (the
"Fund"). The liquidation is expected to occur on or about September 28, 2004
(the "Liquidation Date").

     As of August 4, 2004, a substantial majority of the Fund's total assets
consisted of cash or cash equivalents, and the balance of the portfolio is
expected to be in cash or cash equivalents before the Liquidation Date. During
this liquidation period, the Adviser has agreed to waive its management fees
payable by the Fund.

     The Fund has not accepted any purchases of Fund shares since August 2nd and
will not accept any purchases of Fund shares through the Liquidation Date.
However, at any time prior to the Liquidation Date, you may redeem shares of the
Fund pursuant to the procedures set forth in the prospectus. Beginning August 5,
2004, the Fund will waive the 2% redemption fee on shares held for 90 days or
less.

     You may also exchange your shares of the Fund for shares of any other fund
in The Oakmark Family of Funds. No redemption fee will be imposed on such an
exchange transaction.

     Shareholders of taxable accounts in the Fund who do not exchange or redeem
their shares prior to the Liquidation Date will have the proceeds of their
account sent to them when the liquidation occurs. The proceeds will be the net
asset value of such shares in the shareholder's account after provision for
charges, taxes, expenses and liabilities.

     Absent an instruction to the contrary received by the Oakmark Funds
prior to the Liquidation Date, shares held in an individual retirement
account ("IRA"), SIMPLE IRA, or Coverdell Education Savings Account or in
custodial accounts under a SEP or SARSEP, or in certain other retirement plan
accounts will be exchanged on the Liquidation Date for Oakmark Units of the
Government Portfolio, a money market fund.

                                                                      HASSUP 804