HARRIS ASSOCIATES INVESTMENT TRUST
497, 1998-08-31
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     SUPPLEMENT DATED AUGUST 31, 1998 TO PROSPECTUS DATED JANUARY 25, 1998
                         OF THE OAKMARK FAMILY OF FUNDS
 
                    RE-OPENING OF THE OAKMARK SMALL CAP FUND
 
Effective August 31, 1998, The Oakmark Small Cap Fund re-opened to purchases by
new investors.
 
                           REDUCED MINIMUM INVESTMENT
 
The minimum initial investment for each fund is now $500 for any investor who
elects the Automatic Investment Plan or the Payroll Deduction Plan.
 
     SUPPLEMENT DATED AUGUST 31, 1998 TO PROSPECTUS DATED JANUARY 25, 1998
                         OF THE OAKMARK FAMILY OF FUNDS
 
                    RE-OPENING OF THE OAKMARK SMALL CAP FUND
 
Effective August 31, 1998, The Oakmark Small Cap Fund re-opened to purchases by
new investors.
 
                           REDUCED MINIMUM INVESTMENT
 
The minimum initial investment for each fund is now $500 for any investor who
elects the Automatic Investment Plan or the Payroll Deduction Plan.


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