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THE OAKMARK SMALL CAP FUND
SUPPLEMENT DATED NOVEMBER 16, 1999 TO PROSPECTUS DATED JANUARY 4, 1999
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James P. Benson, C.F.A., has become co-portfolio manager of The Oakmark Small
Cap Fund with Steven J. Reid. Mr. Benson joined the Adviser as an investment
analyst in 1997. Prior thereto, he had been an Executive Vice-President and
Director of Equity Research for Ryan Beck & Co. Mr. Benson holds a M.M. in
Finance from Northwestern University (1981) and a B.A. in Economics and Computer
Science from Westminster College (1979).
