HARRIS ASSOCIATES INVESTMENT TRUST, 497K2, 1999-08-03

HARRIS ASSOCIATES INVESTMENT TRUST
497K2, 1999-08-03

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<PAGE>
[GRAPHIC]

------------------------------------

THE OAKMARK
FAMILY OF FUNDS
Fund Profiles - August 4, 1999
CLASS I SHARES

------------------------------------

THE OAKMARK
FUND

THE OAKMARK
SELECT FUND

THE OAKMARK
SMALL CAP FUND

THE OAKMARK
EQUITY & INCOME FUND

THE OAKMARK INTERNATIONAL FUND

THE OAKMARK INTERNATIONAL
SMALL CAP FUND

THE OAKMARK
GLOBAL FUND

NO-LOAD FUNDS
MANAGED BY
HARRIS
ASSOCIATES L.P.

[LOG0]
OAKMARK
FAMILY OF FUNDS
- -------------------------------------------------------------------------------
These Profiles summarize key information about the Funds that is included in the
Funds' prospectus. The Funds' prospectus includes additional information about
the Funds, including a more detailed description of the risks associated with
investing in the Funds that you may want to consider before you invest. You may
obtain the prospectus and other information about the Funds at no cost by
calling us at 1-800-OAKMARK (1-800-625-6275) or accessing our Web site at
www.oakmark.com.

<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK FUND SEEKS LONG-TERM CAPITAL APPRECIATION BY INVESTING PRIMARILY IN
U.S. EQUITY SECURITIES.

INVESTMENT STRATEGY

The Oakmark Fund's investment strategy emphasizes a disciplined bottom-up stock
selection process. Investment decisions are not based on forecasts of
macroeconomic variables, such as interest rates or the economy. Rather, the
Fund's adviser, Harris Associates L.P., uses a value investment strategy that
evaluates individual companies and seeks investment opportunities among
companies whose shares trade in the market at significant discounts to what
Harris Associates believes is their true business value.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Harris Associates' investment professionals analyze each company to determine
whether it has the following characteristics, although not all of the companies
selected will have these attributes: positive free cash flows; favorable
earnings growth potential; competitive return on equity; and high level of
manager ownership.

Harris Associates' analysts review a company's ability to generate cash because
this measure ultimately determines how the firm builds value for its
shareholders. Visits and interviews are an integral part of the research
process, as the adviser believes that investing with proven, capable managers
reduces the risks of equity investing. The adviser also believes that
management's interests are strongly aligned with the interests of its
stockholders if their compensation and personal wealth are directly tied to the
value of the business.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its worth. The adviser continually monitors the portfolio
holdings and sells a holding within a reasonable time after it reaches its sell
target.

Additional information about the Fund's investments is available in the Fund's
annual and semi-annual reports to shareholders. In the Fund's annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Fund's performance during the last fiscal year.
You may obtain these reports at no cost by calling us at 1-800-OAKMARK.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK FUND

The primary risk factor of equity investing is the fluctuation of value and
possible loss of investment. As with all funds, at any given time, the value of
your shares may be worth more or less than the price you paid. You can lose
money by investing in the Fund.

Market performance tends to be cyclical, and in the various cycles, certain
investment styles may be in or out of favor. From time to time, the Fund's
investment style may fall out of favor. If the market is not favoring the Fund's
investment style, the Fund's gains may not be as big as, or their losses may be
bigger than, other equity funds using different investment styles.

Although the adviser invests the Fund's assets primarily in U.S. stocks, the
Fund may invest in securities of non-U.S. companies. Foreign securities may
entail additional risks, including fluctuations in currency exchange rates,
unstable political and economic structures, reduced availability of public
information and the lack of uniform financial reporting and regulatory practices
similar to those that apply to U.S. issuers.

1
<PAGE>

[PHOTO]

FUND PORTFOLIO MANAGER

Robert J. Sanborn, CFA, is an executive vice president and portfolio manager of
The Oakmark Fund. He has been the manager of The Oakmark Fund since its
inception in August 1991. Sanborn joined Harris Associates L.P. in 1988.

- -------------------------------------------------------------------------------

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark Fund. Although income is considered in the selection of
securities, the Fund is not designed for investors whose primary investment
objective is income. The Fund is intended for investors with a long-term
investment horizon and is not managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark's
Class I shares for each calendar year since the Fund's inception on
August 5, 1991. The bar chart indicates the volatility of the Fund's
historical returns from year to year. Neither the bar chart nor the performance
information shown is intended to indicate how the Fund will perform in the
future.

The highest and lowest returns of the Fund's Class I shares for a calendar
quarter since the fund's inception on August 5, 1991 are provided in the chart
to the right to indicate the fund's historical short-term volatility.

The table to the lower right shows the average annual return of the Fund's Class
I shares for the periods indicated. The S&P 500 Index, an unmanaged index that
reflects no operating costs, is included as a benchmark for long-term
performance comparisons.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
12/31/92 9/30/98
- --------- ---------
<S> <C>
15.40% -13.83%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

[GRAPH}

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- --------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK 8/5/91 7.64% 20.08% 26.04%
- --------------------------------------------------------------------
S&P 500 INDEX* 22.76% 27.85% 20.15%
- --------------------------------------------------------------------
</TABLE>

*THE S&P 500 IS A BROAD MARKET-WEIGHTED AVERAGE DOMINATED BY BLUE-CHIP STOCKS.

2
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK SELECT FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK SELECT FUND SEEKS LONG-TERM CAPITAL APPRECIATION BY INVESTING
PRIMARILY IN A NON-DIVERSIFIED PORTFOLIO OF U.S. EQUITY SECURITIES.

INVESTMENT STRATEGY

The Oakmark Select Fund's investment strategy emphasizes a disciplined bottom-up
stock selection process. The Fund invests in approximately 20-40 stocks.
Investment decisions are not based on forecasts of macroeconomic variables, such
as interest rates or the economy. Rather, the Fund's adviser, Harris Associates
L.P., uses a value investment strategy that evaluates individual companies and
seeks investment opportunities among companies whose shares trade in the market
at significant discounts to what Harris Associates believes is their true
business value.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its estimated worth. The adviser continually monitors the
portfolio holdings and sells a holding within a reasonable time after it reaches
its sell target.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK SELECT FUND

Market performance tends to be cyclical, and in the various cycles, certain
investment styles may be in or out of favor. From time to time, the Fund's
investment style may be out of favor. If the market is not favoring the Fund's
investment style, the Fund's gains may not be as big as, or their losses may be
bigger than, other equity funds using different investment styles.

There are risks associated with investing in a concentrated portfolio that may
work to the advantage or disadvantage of the investor. Since the Fund may invest
up to 25% of its assets in a single portfolio security, the appreciation or
depreciation of such a security will have a greater impact on the Fund's share
price, and the Fund's share price can be expected to fluctuate more than the
share price of a comparable "diversified" fund.

3
<PAGE>

[PHOTO]

FUND PORTFOLIO MANAGER

William C. Nygren, CFA, is a vice president and portfolio manager of The Oakmark
Select Fund. He has been the manager of The Oakmark Select Fund since its
inception in November 1996. Prior to managing The Oakmark Select Fund, Nygren
was the director of research for Harris Associates L.P. from 1990 to 1998. He
joined Harris Associates L.P. in 1983.

- --------------------------------------------------------------------------------

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark Select Fund. Although income is considered in the selection of
securities, the Fund is not designed for investors whose primary investment
objective is income. The Fund is intended for investors with a long-term
investment horizon and is not managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark
Select's Class I shares for each calendar year since the Fund's inception on
November 1, 1996. The bar chart indicates the volatility of the Fund's
historical returns from year to year. Neither the bar chart nor the performance
information shown is intended to indicate how the Fund will perform in the
future.

The highest and lowest returns of the Fund's Class I shares for a calendar
quarter since the fund's inception on November 1, 1996 are provided in the chart
to the right to indicate the fund's historical short-term volatility.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
12/31/98 9/30/98
- --------- ---------
<S> <C>
21.49% -17.23%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

[GRAPH]

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- --------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK SELECT 11/1/96 19.65% N/A 39.96%
- --------------------------------------------------------------------
S&P 500 INDEX* 22.76% n/a 30.50%
- --------------------------------------------------------------------
</TABLE>

*THE S&P 500 IS A BROAD MARKET-WEIGHTED AVERAGE DOMINATED BY BLUE-CHIP STOCKS.

4
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK SMALL CAP FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK SMALL CAP FUND SEEKS LONG-TERM CAPITAL APPRECIATION BY INVESTING
PRIMARILY IN EQUITY SECURITIES OF U.S. COMPANIES WITH SMALL MARKET
CAPITALIZATIONS.

INVESTMENT STRATEGY

The Oakmark Small Cap Fund's investment strategy emphasizes a disciplined
bottom-up stock selection process. Investment decisions are not based on
forecasts of macroeconomic variables, such as interest rates or the economy.
Rather, the Fund's adviser, Harris Associates L.P., uses a value investment
strategy that evaluates individual companies and seeks investment opportunities
among small capitalization companies whose shares trade in the market at
significant discounts to what Harris Associates believes is their true business
value.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its estimated worth. The adviser continually monitors the
portfolio holdings and sells a holding within a reasonable time after it reaches
its sell target.

Under normal market conditions, the Fund invests at least 65% of its total
assets, valued at the time of investment, in "small cap companies," as defined
in the Fund's prospectus.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK SMALL CAP FUND

Stock prices of small cap companies tend to be more volatile, and there may be
fewer buyers for them than for the stocks of large companies. Therefore, an
investment in a small cap fund may be more volatile and entail greater risk to
capital than an investment in a fund that invests in larger companies.

5
<PAGE>

[PHOTO]

FUND PORTFOLIO MANAGER

Steven J. Reid, CFA, is a vice president and portfolio manager of The Oakmark
Small Cap Fund. He has been the manager of The Oakmark Small Cap Fund since its
inception in November 1995. Prior to managing The Oakmark Small Cap Fund, Reid
was a senior research analyst with Harris Associates L.P. from 1985 to 1995. He
joined Harris Associates L.P. in 1980.

- -------------------------------------------------------------------------------

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark Small Cap Fund. Although income is considered in the selection of
securities, the Fund is not designed for investors whose primary investment
objective is income. The Fund is intended for investors with a long-term
investment horizon and is not managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark Small
Cap's Class I shares for each calendar year since the Fund's inception on
November 1, 1995. The bar chart indicates the volatility of the Fund's
historical returns from year to year. Neither the bar chart nor the performance
information shown is intended to indicate how the Fund will perform in the
future.

The highest and lowest returns of the Fund's Class I shares for a calendar
quarter since the fund's inception on November 1, 1995 are provided in the chart
to the right to indicate the fund's historical short-term volatility.

The table to the lower right shows the average annual return of the Fund's Class
I shares for the periods indicated. The Russell 2000 Index, an unmanaged index
that reflects no operating costs, is included as a benchmark for long-term small
cap performance comparisons.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
12/31/98 9/30/98
- --------- ---------
<S> <C>
17.65% -26.83%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

[GRAPH]

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- --------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK SMALL CAP 11/1/95 -11.06% N/A 17.75%
- --------------------------------------------------------------------
RUSSELL 2000 INDEX* 1.50% n/a 14.14%
- --------------------------------------------------------------------
</TABLE>

*THE RUSSELL 2000 INDEX MEASURES THE PERFORMANCE OF SMALLER COMPANIES, AND
REPRESENTS APPROXIMATELY 10% OF THE TOTAL VALUE OF PUBLICLY TRADED COMPANIES
IN THE U.S.

6
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK EQUITY AND INCOME FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK EQUITY AND INCOME FUND SEEKS HIGH CURRENT INCOME AND PRESERVATION
AND GROWTH OF CAPITAL. THE FUND INVESTS PRIMARILY IN A DIVERSIFIED PORTFOLIO OF
U.S. EQUITY AND FIXED INCOME SECURITIES.

INVESTMENT STRATEGY

The Oakmark Equity and Income Fund's equity investment strategy emphasizes a
disciplined bottom-up stock selection process. Investment decisions are not
based on forecasts of macroeconomic variables, such as interest rates or the
economy. Rather, the Fund's adviser, Harris Associates L.P., uses a value
investment strategy that evaluates individual companies and seeks investment
opportunities among companies whose shares trade in the market at significant
discounts to what Harris Associates believes is their true business value.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its estimated worth. The adviser continually monitors the
portfolio holdings and sells a holding within a reasonable time after it reaches
its sell target.

The Fund generally invests 50-65% of its total assets in equity securities,
25-50% in U.S. Government securities and other debt securities and up to 20% in
unrated or lower rated debt securities. The Fund may invest in debt securities
of corporate issuers that meet the adviser's investment criteria, and may invest
in U.S. government securities when yields offer an attractive investment
alternative or for liquidity reasons. The Fund usually holds the corporate debt
securities in which it invests until they mature, but it may sell them earlier
if a sale is warranted.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK EQUITY AND INCOME FUND

Investment in lower-grade debt securities involves greater investment risk,
including the possibility of issuer default or bankruptcy. In addition,
lower-quality bonds may be less sensitive to interest rate changes and are
generally more sensitive to adverse economic changes or individual corporate
developments. Furthermore, the markets for lower-grade debt securities tend to
be less liquid than

7
<PAGE>

[PHOTO]

FUND PORTFOLIO MANAGER

Clyde S. McGregor, CFA, is a vice president and portfolio manager of The Oakmark
Equity and Income Fund. He has been the manager of The Oakmark Equity and Income
Fund since its inception in November 1995. In addition to managing The Oakmark
Equity and Income Fund, McGregor has managed separate accounts for individuals
and institutions since 1986. He joined Harris Associates L.P. in 1981.

- --------------------------------------------------------------------------------

higher-quality debt securities. Therefore, their prices may be volatile and
involve greater risk to capital. The Fund's investments in debt securities are
also subject to interest rate risk. Interest rate risk is the risk that bonds
will decline in value because of changes in the interest rates. Generally, bonds
decrease in value as interest rates rise and increase in value as interest rates
fall. The Fund is also subject to the risk that its equity/debt allocation may
not be at its most advantageous position at all times, and the Fund's
performance can be affected by unexpected changes in the equity or debt markets.

SUITABILITY

Investors seeking current income and preservation and growth of capital should
consider an investment in The Oakmark Equity and Income Fund. The Fund is
intended to present a balanced investment program between growth and income. The
Fund is intended for investors with a long-term investment horizon and is not
managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark Equity
and Income's Class I shares for each calendar year since the Fund's inception on
November 1, 1995. The bar chart indicates the volatility of the Fund's
historical returns from year to year. Neither the bar chart nor the performance
information shown is intended to indicate how the Fund will perform in the
future.

The table to the lower right table shows the average annual return of the Fund's
Class I shares for the periods indicated. The Lipper Balanced Fund Index
Composite, an unmanaged composite comprised of 30 balanced funds, is included as
a benchmark for long-term balanced performance comparisons.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
12/31/98 9/30/98
- --------- ---------
<S> <C>
10.54% -6.92%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- --------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK EQUITY AND INCOME 11/1/95 13.09% N/A 18.20%
- --------------------------------------------------------------------
LIPPER BALANCED FUND INDEX* 11.56% N/A 16.31%
- --------------------------------------------------------------------
</TABLE>

*THE LIPPER BALANCED FUND INDEX COMPOSITE IS COMPRISED OF 30 BALANCED FUNDS.

8
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK INTERNATIONAL FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK INTERNATIONAL FUND SEEKS LONG-TERM CAPITAL APPRECIATION BY INVESTING
PRIMARILY IN EQUITY SECURITIES OF NON-U.S. COMPANIES.

INVESTMENT STRATEGY

The Oakmark International Fund's investment strategy emphasizes a disciplined
bottom-up stock selection process. Investment decisions are not based on
forecasts of macroeconomic variables, such as interest rates or the economy.
Rather, the Fund's adviser, Harris Associates L.P., uses a value investment
strategy that evaluates individual companies and seeks investment opportunities
among companies whose shares trade in the market at significant discounts to
what Harris Associates believes is their true business value. The Fund's
investment strategy stresses stock selection rather than primarily focusing on
industries or countries.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its estimated worth. The adviser continually monitors the
portfolio holdings and sells a holding within a reasonable time after it reaches
its sell target.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK INTERNATIONAL FUND

An investment in the Fund entails the special risks of foreign investing,
including fluctuations in currency exchange rates, unstable political and
economic structures, reduced availability of public information and the lack of
uniform financial reporting and regulatory practices similar to those that apply
to U.S. issuers. Foreign securities markets in emerging market countries can be
extremely volatile and less liquid. It is expected that these factors will cause
the Fund's share price to be more volatile than that of a comparable U.S.-equity
only fund.

9
<PAGE>

[PHOTO]

DAVID G. HERRO

[PHOTO]

MICHAEL J. WELSH

FUND PORTFOLIO MANAGERS

David G. Herro, CFA, is a vice president and portfolio manager of The Oakmark
International Fund. He has been the manager of The Oakmark International Fund
since its inception in September 1992. He joined Harris Associates L.P. in 1992.

Michael J. Welsh, CFA, CPA, is a vice president and portfolio manager of The
Oakmark International Fund. He has been the co-manager of The Oakmark
International Fund since September 1995. Previously, he was an analyst with
Harris Associates L.P. He joined Harris Associates L.P. in 1992.

- --------------------------------------------------------------------------------

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark International Fund. Although income is considered in the
selection of securities, the Fund is not designed for investors whose primary
investment objective is income. The Fund is intended for investors with a
long-term investment horizon and is not managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark
International's Class I shares for each calendar year since the Fund's inception
on September 30, 1992. The bar chart indicates the volatility of the Fund's
historical returns from year to year. Neither the bar chart nor the performance
information shown is intended to indicate how the Fund will perform in the
future.

The highest and lowest returns of the Fund's Class I shares for a calendar
quarter since the fund's inception on September 30, 1992 are provided in the
chart to the right to indicate the fund's historical short-term volatility.

The table to the lower right shows the average annual return of the Fund's Class
I shares for the periods indicated. The Morgan Stanley World ex U.S. Index, an
unmanaged index that reflects no operating costs, is included as a benchmark for
long-term international performance comparisons.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
3/31/93 9/30/98
- --------- ---------
<S> <C>
18.40% -19.41%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

[GRAPH]

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- --------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK INTERNATIONAL 9/30/92 27.03% 12.38% 15.03%
- --------------------------------------------------------------------
M.S. WORLD EX U.S. INDEX* 7.37% 8.47% 11.34%
- --------------------------------------------------------------------
</TABLE>

*THE MORGAN STANLEY WORLD EX U.S. INDEX INCLUDES 19 COUNTRY SUB-INDEXES.

10
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK INTERNATIONAL SMALL CAP FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK INTERNATIONAL SMALL CAP FUND SEEKS LONG-TERM CAPITAL APPRECIATION BY
INVESTING PRIMARILY IN EQUITY SECURITIES OF NON-U.S. COMPANIES WITH SMALL MARKET
CAPITALIZATIONS.

INVESTMENT STRATEGY

The Oakmark International Small Cap Fund's investment strategy emphasizes a
disciplined bottom-up stock selection process. Investment decisions are not
based on forecasts of macroeconomic variables, such as interest rates or the
economy. Rather, the Fund's adviser, Harris Associates L.P., uses a value
investment strategy that evaluates individual companies and seeks investment
opportunities among small capitalization companies whose shares trade in the
market at significant discounts to what Harris Associates believes is their true
business value. The Fund's investment strategy stresses stock selection rather
than primarily focusing on industries or countries.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a company's stock sells at a significant
discount to its intrinsic value, the adviser will generally buy a stock if it is
priced below 60% of its estimated worth and will generally sell it when it
approaches 90% of its estimated worth. The adviser continually monitors the
portfolio holdings and sells a holding within a reasonable time after it reaches
its sell target.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK INTERNATIONAL SMALL CAP FUND

11
<PAGE>

[PHOTO]

DAVID G. HERRO

[PHOTO]

MICHAEL J. WELSH

FUND PORTFOLIO MANAGERS

David G. Herro, CFA, is a vice president and portfolio manager of The Oakmark
International Small Cap Fund. He has been the manager of The Oakmark
International Small Cap Fund since its inception in November 1995. Herro has
also managed The Oakmark International Fund since September 1992.
He joined Harris Associates L.P. in 1992.

Michael J. Welsh, CFA, CPA, is a vice president and portfolio manager of The
Oakmark International Small Cap Fund. He has been the co-manager of The Oakmark
International Small Cap Fund since May 1997. Welsh has also been the co-manager
of The Oakmark International Fund since September 1995. Prior to managing the
funds, he was an analyst with Harris Associates L.P. Welsh joined Harris
Associates L.P. in 1992.

- --------------------------------------------------------------------------------

Stock prices of small cap companies tend to be more volatile, and their markets
tend to be less liquid than those of large companies. Therefore, an investment
in a small cap fund may be more volatile and entail greater risk to capital than
an investment in a fund that invests in larger companies.

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark International Small Cap Fund. Although income is considered in
the selection of securities, the Fund is not designed for investors whose
primary investment objective is income. The Fund is intended for investors with
a long-term investment horizon and is not managed for short-term results.

FUND PERFORMANCE

The bar chart to the upper right shows the actual performance of Oakmark
International Small Cap's Class I shares for each calendar year since the Fund's
inception on November 1, 1995. The bar chart indicates the volatility of the
Fund's historical returns from year to year. Neither the bar chart nor the
performance information shown is intended to indicate how the Fund will perform
in the future.

ANNUALIZED RETURNS FOR THE PERIOD ENDING 12/31/98

[GRAPH]

HIGHEST AND LOWEST QUARTERLY RETURNS

[GRAPH]

<TABLE>
<CAPTION>
HIGH LOW
QTR ENDED QTR ENDED
3/31/93 9/30/98
- --------- ---------
<S> <C>
28.22% -23.91%
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDING 6/30/99

<TABLE>
<CAPTION>
SINCE
FUND AND INCEPTION DATE 1 YEAR 5 YEARS INCEPTION
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
OAKMARK INTERNATIONAL SMALL CAP 11/1/95 54.84% N/A 12.33%
- ----------------------------------------------------------------------------
M.S. WORLD EX U.S. INDEX* 7.37% N/A 10.65%
- ----------------------------------------------------------------------------
</TABLE>

*THE MORGAN STANLEY WORLD EX U.S. INDEX INCLUDES 19 COUNTRY SUB-INDEXES.

12
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
THE OAKMARK GLOBAL FUND
- -------------------------------------------------------------------------------

INVESTMENT OBJECTIVE

THE OAKMARK GLOBAL FUND SEEKS LONG-TERM CAPITAL APPRECIATION.

INVESTMENT STRATEGY

The Oakmark Global Fund pursues its investment objective by investing in equity
securities which are primarily the common stock of U.S. and non-U.S. companies.
Under normal market conditions, the Fund invests between 20-60% of its total
assets in the securities of U.S. companies, and between 40-80% of its total
assets in the securities of non-U.S. companies. The Fund intends to hold
approximately 40 to 50 stocks, and invest in the securities of companies located
in at least three countries. Although there is no restriction on the size of the
companies in which the Fund invests, ordinarily it invests in mid-sized
companies with market capitalizations between $1-8 billion.

The Oakmark Global Fund's investment strategy emphasizes a disciplined bottom-up
stock selection process. Investment decisions are not based on forecasts of
macroeconomic variables, such as interest rates or the economy. Rather, the
Fund's adviser, Harris Associates L.P., uses a value investment strategy that
evaluates individual companies and seeks investment opportunities among
companies whose shares trade in the market at significant discounts to what
Harris Associates believes is their true business value.

Selected companies are subjected to a comprehensive screening process to isolate
the primary reasons why each company is undervalued and may be purchased at a
discount from its apparent value.

Once the analysts determine that a stock sells at a significant discount to its
intrinsic value, the adviser will generally buy a stock if it is priced below
60% of its estimated worth and will generally sell it when it approaches 90% of
its worth. The adviser continually monitors the portfolio holdings and sells a
holding within a reasonable time after it reaches its sell target.

Additional information about the Fund's investments will be available in the
Fund's annual and semi-annual reports to shareholders. In the Fund's annual
report you will find a discussion of the market conditions and investment
strategies that significantly affected the Fund's performance during the last
fiscal year. You may obtain these reports at no cost by calling us at
1-800-OAKMARK.

SIGNIFICANT RISKS OF INVESTING IN THE OAKMARK FUND

The Fund invests in the securities of both U.S. and non-U.S. companies. An
investment in the Fund entails the special risks of foreign investing, including
fluctuations in currency exchange rates, unstable political and economic
structures, reduced availability of public information and the lack of uniform
financial reporting and regulatory

13
<PAGE>

[PHOTO]

GREGORY L. JACKSON

[PHOTO]

MICHAEL J. WELSH

FUND PORTFOLIO MANAGERS

Gregory L. Jackson is a vice president and portfolio manager of The Oakmark
Global Fund. He joined Harris Associates L.P. in July 1998. Previously, he
worked as a portfolio manager/analyst for Yacktman Asset Management. Mr. Jackson
is responsible for the day-to-day management of the Fund's domestic portfolio.

Michael J. Welsh, CFA, CPA is a vice president and portfolio manager of The
Oakmark Global Fund. He joined Harris Associates L.P. in 1992. Mr. Welsh manages
the day-to-day affairs of the Fund's foreign portfolio.

practices similar to those that apply to U.S. issuers. Foreign securities
markets in emerging market countries can be extremely volatile and less liquid.
It is expected that these factors will cause the Fund's share price to be more
volatile than that of a comparable U.S.-equity only fund.

Because the Fund intends to limit its holdings to approximately 40 to 50 stocks,
the appreciation or depreciation of any one stock will have a greater impact on
the Fund's share price than it would if the Fund invested in a larger number of
stocks. In addition, mid-cap stocks tend to be more volatile and less liquid
than large-cap stocks.

SUITABILITY

Investors seeking long-term capital appreciation should consider an investment
in The Oakmark Global Fund. Although income is considered in the selection of
securities, the Fund is not designed for investors whose primary investment
objective is income. The Fund is intended for investors with a long-term
investment horizon and is not managed for short-term results.

FUND PERFORMANCE

From time to time, the Fund may quote total return figures in marketing
materials. "Total Return" for a period is the percentage change in value during
the period of an investment in Fund shares, including the value of shares
acquired through reinvestment of all dividends and capital gains distributions.
"Average Annual Total Return" is the average annual compound rate of change in
value represented by the Total Return for the period. All of these calculations
assume the reinvestment of dividends and distributions in additional shares of
the Fund. Income taxes are not taken into account. Because the Fund is new,
Total Return and Average Annual Total Return information is not available.

14
<PAGE>

THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------
FEES AND EXPENSES OF THE OAKMARK FAMILY OF FUNDS
- -------------------------------------------------------------------------------

ANNUAL OPERATING EXPENSES

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
EQUITY AND INTERNATIONAL
OAKMARK FUND SELECT FUND SMALL CAP INCOME FUND INTERNATIONAL SMALL CAP FUND GLOBAL FUND
CLASS I CLASS I FUND CLASS I CLASS I FUND CLASS I CLASS I CLASS I
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Management 0.93% 0.98% 1.28% 0.74% 1.03% 1.27% 1.00%
fee
- -----------------------------------------------------------------------------------------------------------------------------
12b-1 fees None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
Other expenses 0.15% 0.24% 0.17% 0.57% 0.29% 0.69% .75%*
- -----------------------------------------------------------------------------------------------------------------------------
Total Fund
operating 1.08% 1.22% 1.45% 1.31% 1.32% 1.96% 1.75%*
expenses
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>

* "OTHER-EXPENSES" AND "TOTAL FUND OPERATING EXPENSES" FOR THE OAKMARK GLOBAL
FUND REFLECT THE EXPENSES THE FUND EXPECTS TO INCUR DURING ITS INITIAL PARTIAL
FISCAL YEAR. THE ADVISER HAS AGREED TO REIMBURSE CLASS I SHARES OF THE FUND IF
THE ORDINARY OPERATING EXPENSES OF THAT CLASS EXCEED 1.75% OF ITS AVERAGE ANNUAL
NET ASSETS. THE AGREEMENT IS EFFECTIVE UNTIL JANUARY 31, 2000 BUT MAY BE
TERMINATED BY THE ADVISER ON 30 DAYS' NOTICE TO THE FUND.

PURCHASES

To make an initial purchase of Class I shares, complete and sign the New Account
Registration Form and mail it to the Funds' transfer agent, State Street Bank &
Trust Company, Attention: Oakmark Funds, P.O. Box 8510, Boston, Massachusetts
02266-8510, together with a check for the total purchase amount payable to State
Street Bank & Trust Company. The Funds' minimum initial investment requirement
is $1,000 or $500 in the case of an Educational IRA or Automatic Investment Plan
or Payroll Deduction Plan. The minimum subsequent investment requirement is
$100.

The Trust will not accept cash, drafts, "starter" checks, third party checks, or
checks drawn on banks outside the United States.

Subsequent purchase options include wire transfer, automatic electronic
investment, payroll deduction investment and telephone investment. Call
1-800-OAKMARK, then choose menu option 2. The Funds may also be purchased
through brokers and banks.

REDEMPTIONS

You may redeem shares by written request to State Street Bank & Trust,
Attention: Oakmark Funds at its address stated above. The request must:

1. identify the account number;
2. specify shares or dollar amounts to be redeemed;
3. be signed in ink by all account owners exactly as their names appear on the
account registration; and
4. a signature guarantee may be required.

You may also redeem by calling the Funds' Voice Response System at 1-800-OAKMARK
and following the verbal instructions or by exchanging shares into another Fund
by calling 1-800-OAKMARK and choosing menu option 2.

NOTE: The Oakmark Global Fund imposes a redemption fee equal to 2% of the
proceeds of the sale if you sell your Class I shares within 90 days after you
buy them. Effective August 16, 1999, the same redemption fee will apply to the
Class I shares of the Oakmark Select Fund, The Oakmark Small Cap Fund, The
Oakmark International Fund and The Oakmark International Small Cap Fund.

DISTRIBUTIONS

Distributions, if any, are paid at least annually and may consist of long-term
capital gains, short-term capital gains and income dividends. Distributions are
reinvested in additional shares unless otherwise specified.

15
<PAGE>

The table to the right is intended to help you understand the costs and expenses
that an investor in the Fund may bear on a $10,000 investment over various time
periods assuming:
1. a 5% annual rate of return,
2. the operating expense percentages shown to the left remain constant,
3. reinvestment of all distributions, and
4. redemption at the end of each time period (see chart).

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OAKMARK FUND CLASS I $110 $340 $590 $1310
- ----------------------------------------------------------------------------
SELECT FUND CLASS I $120 $380 $660 $1470
- ----------------------------------------------------------------------------
SMALL CAP FUND CLASS I $150 $460 $790 $1740
- ----------------------------------------------------------------------------
EQUITY AND INCOME FUND CLASS I $130 $410 $710 $1570
- ----------------------------------------------------------------------------
INTERNATIONAL FUND CLASS I $130 $410 $720 $1590
- ----------------------------------------------------------------------------
INTERNATIONAL SMALL CAP
FUND CLASS I $200 $620 $1060 $2290
- ----------------------------------------------------------------------------
GLOBAL FUND CLASS I $180 $550 $950 $2070
- ----------------------------------------------------------------------------
</TABLE>

OF COURSE, ACTUAL COSTS MAY BE HIGHER OR LOWER. USE THIS EXAMPLE TO COMPARE
COSTS OF INVESTING IN OTHER FUNDS.

TAXES

Each Fund intends to make distributions that are taxable either as ordinary
income or as capital gains. Dividends from investment income and net short-term
capital gains are taxable as ordinary income. Distributions of long-term capital
gains are taxable as long-term gains regardless of the length of time you have
held your Fund shares. Distributions will be taxable to you whether received in
cash or reinvested in Fund shares.

YEAR 2000

As you may know, some computer systems used today will be unable to process date
related information because they are not programmed to distinguish between the
year 2000 and the year 1900. Harris Associates, like many other businesses, is
taking steps, such as testing internal and external systems, to ensure that the
computer systems on which the smooth operation of the Funds depends will
continue to function properly. Based on the information currently available, the
adviser does not anticipate any material impact on the delivery of services
currently provided, but there can be no guarantee that the adviser's
preparations will be sufficient to avoid any adverse impact on the Funds.

In addition, Year 2000 issues may affect the business results and prospects of
companies, domestic or foreign, whose stocks are held by a Fund, as well as the
ability of issuers of bonds held by a Fund to meet their interest and principal
payment obligations to their bond holders. Although the adviser considers the
status of companies' preparations for Year 2000, such considerations have not
had a material effect on the adviser's, decision to buy or sell securities for
the Funds thus far.

INVESTMENT ADVISER

Harris Associates L.P., a Chicago-based investment management firm, is the
adviser to The Oakmark Family of Funds. In addition to managing The Oakmark
Funds, the firm manages equity, balanced and international portfolios for
individuals and institutions nationwide.

OTHER SERVICES

The Funds offer investments through Traditional, Roth, Education, SIMPLE and SEP
IRA Plans.

16
<PAGE>
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P.O. Box 8510
Boston, MA 02266-8510