<PAGE>
SUPPLEMENT DATED JULY 10, 2000 TO
PROSPECTUS OF THE OAKMARK FAMILY OF FUNDS DATED JANUARY 29, 2000
REORGANIZATION OF PARENT OF INVESTMENT ADVISER.
The Funds' investment adviser, Harris Associates L.P. ("Harris Associates"), is
a limited partnership managed by its general partner, Harris Associates, Inc.
("HAI"). HAI is a wholly-owned subsidiary of Nvest Companies, L.P. Nvest
Companies, L.P. and its affiliate, Nvest, L.P. (collectively, "Nvest") have
entered into an agreement for CDC Asset Management to acquire all of the
outstanding partnership units of Nvest. CDC Asset Management is the investment
management arm of France's Caisse des Depots Group, which is a major diversified
financial institution. Nvest will be renamed CDC Asset Management-North America
and will continue to use the holding company structure. It is expected that
Harris Associates will retain its investment independence, brand names,
management and operating autonomy and that the acquisition will not affect daily
operations of the Funds or the investment management activities of Harris
Associates.
Under the Investment Company Act of 1940, the acquisition may result in a change
of control of Harris Associates that would terminate the Funds' investment
management agreements with Harris Associates. Consequently, it is anticipated
that Harris Associates will seek approval of the new management agreements from
the Funds' Board of Trustees and shareholders prior to consummation of the
transaction. The transaction is expected to be consummated in the fourth quarter
of 2000.
HASCDC
