497 1 a2112100z497.txt 497 SUPPLEMENT DATED JULY 16, 2003 TO PROSPECTUS OF THE OAKMARK FAMILY OF FUNDS DATED JANUARY 29, 2003 THE OAKMARK SMALL CAP FUND - NEW CO-MANAGER Edward A. Studzinski, C.F.A., has become co-manager of The Oakmark Small Cap Fund with James P. Benson. Mr. Studzinski has replaced Clyde S. McGregor. Mr. McGregor continues to manage The Oakmark Equity and Income Fund with Mr. Studzinski. Mr. Studzinski joined the Adviser as an analyst in 1995. Previously, Mr. Studzinski was Vice President and Investment Officer at Mercantile National Bank of Indiana. He holds an M.B.A. in Marketing and Finance from Northwestern University (1985), a J.D. from Duke University (1974), and an A.B. in History from Boston College (1971). THE OAKMARK FAMILY OF FUNDS - NEW ADDRESS Effective June 1, 2003, the address for The Oakmark Family of Funds has changed to: FOR MAIL: FOR EXPRESS DELIVERY OR COURIER: The Oakmark Funds The Oakmark Funds P.O. Box 219558 330 West 9th Street Kansas City, MO 64121-9558 Kansas City, MO 64105-1514 SUPPJULY03