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SUPPLEMENT DATED MARCH 21, 2000 TO
PROSPECTUS OF THE OAKMARK FAMILY OF FUNDS DATED JANUARY 29, 2000
Oakmark Fund is managed by William C. Nygren, C.F.A., and Kevin G. Grant, C.F.A,
who have replaced Robert J. Sanborn as portfolio manager of the Fund. Mr. Nygren
joined the Adviser as an analyst in 1983, and was the Adviser's Director of
Research from September 1990 to March 1998. Previously, he had been an analyst
with Northwestern Mutual Life Insurance Company. He holds an M.S. in Finance
from the University of Wisconsin (1981) and a B.S. in Accounting from the
University of Minnesota (1980). Mr. Grant joined the Adviser as an analyst in
1988, and has been a senior investment analyst since 1994. He holds an M.B.A. in
Finance from Loyola University (1991) and a B.S. in Computer Science from the
University of Wisconsin-Madison (1987).
Select Fund is managed by William C. Nygren, C.F.A., and Henry R. Berghoef,
C.F.A. Mr. Berghoef joined the Adviser as an analyst in 1994 and has been a
senior investment analyst since 1994. He holds an M.B.A. from George Washington
University (1985), an M.A. in International Studies from Johns Hopkins
University (1974), and a B.A. in History from Calvin College (1971).
Equity and Income Fund is managed by Clyde S. McGregor, C.F.A., and Edward A.
Studzinski, C.F.A. Mr. McGregor joined the Adviser as an analyst in 1981 and
began managing portfolios in 1986. He holds an M.B.A. in Finance from the
University of Wisconsin - Madison (1977) and a B.A. in Economics and Religion
from Oberlin College (1974). Mr. Studzinski joined the Adviser as an analyst in
1995. Prior to joining the Adviser, Mr. Studzinski was Vice President and
Investment Officer at Mercantile National Bank of Indiana. He holds an M.M. in
Marketing and Finance from Northwestern University (1985), a J.D. from Duke
University of Law (1974), and an A.B. in History from Boston College (1971).
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