<PAGE> 1
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT EMERGING MARKETS FUND
SUPPLEMENT DATED DECEMBER 1, 1997
TO THE PROSPECTUS DATED OCTOBER 1, 1997
ELIMINATION OF SALES CHARGE
Effective December 1, 1997, the front-end sales charge assessed on
Class A Shares of the Fund has been eliminated. Class A Shares were
previously sold with a maximum front-end sales charge of 4.50%. As a
result of the elimination of the sales charge, the information
contained under the sections entitled "EXPENSE SUMMARY - SHAREHOLDER
TRANSACTION EXPENSES," "HOW TO BUY SHARES," "GENERAL INFORMATION - HOW
PERFORMANCE IS REPORTED" is modified accordingly.
The following text replaces the "EXAMPLE" contained under the section
entitled "EXPENSE SUMMARY," on page 5 of the Prospectus.
EXAMPLE
The table below shows what you would pay if you invested $1,000 over
the time frames indicated. The example assumes you reinvested all
dividends and that the average annual return was 5%.
<TABLE>
<CAPTION>
CLASS A SHARES
--------------
<S> <C>
One Year $20
Three Years $63
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES OR PERFORMANCE, WHICH MAY BE MORE OR LESS THAN THOSE
SHOWN.
The purpose of the expense tables is to help you understand the various
costs and expenses that an investor in the Fund will bear directly or
indirectly. For more information concerning these costs and expenses,
see MANAGEMENT.
* * *
ADOPTION OF NEW SERVICE PLAN TO REPLACE EXISTING SERVICE PLANS
On November 18, 1997, the Fund's Board of Trustees adopted a new
Service Plan for Class A Shares of the Fund. The existing Service Plan,
which was adopted pursuant to Rule 12b-1 under the Investment Company
Act of 1940, was eliminated. As the new Service Plan will no longer
authorize payments pursuant to the Plan to be made for distribution
purposes, it was not adopted pursuant to Rule 12b-1. This change is
effective December 1, 1997.
As a result of this change, the caption "Rule 12b-1 Fees" on page 5 of
the Prospectus under the section entitled "EXPENSE SUMMARY - ANNUAL
OPERATING EXPENSES" has been changed to "Shareholder Servicing Fees."
The section entitled "MANAGEMENT - SERVICE PLAN" found on page 17 of
the Prospectus remains an accurate description of the new Service Plan.
<PAGE> 2
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
Class A Shares
SUPPLEMENT DATED DECEMBER 1, 1997 TO THE PROSPECTUS
DATED MAY 1, 1997 AS AMENDED NOVEMBER 14, 1997
ELIMINATION OF SALES CHARGE
Effective December 1, 1997, the front-end sales charge assessed on Class A
Shares of the Funds has been eliminated. Class A Shares were previously sold
with a maximum front-end sales charge of 4.50%. As a result of the elimination
of the sales charge, the information contained under the sections entitled
"EXPENSE SUMMARY - SHAREHOLDER TRANSACTION EXPENSES," "HOW TO BUY SHARES,"
"GENERAL INFORMATION - HOW PERFORMANCE IS REPORTED" is modified accordingly.
The following text replaces the "EXAMPLE" contained under the section entitled
"EXPENSE SUMMARY," on page 8 of the Prospectus.
EXAMPLE
The table below shows what you would pay if you invested $1,000 over the time
frames indicated. The example assumes you reinvested all dividends and that the
average annual return was 5%.
<TABLE>
<CAPTION>
ONE YEAR THREE YEARS FIVE YEARS TEN YEARS
-------- ----------- ---------- ---------
<S> <C> <C> <C> <C>
EQUITY FUNDS
International Fund $16 $51 $88 $191
Small-Cap Opportunity Fund 15 46 79 174
Small-Cap Value Fund 13 39 68 150
Growth Fund 14 43 74 162
Equity Fund 12 37 63 140
Equity Income Fund 12 37 65 143
Index Fund 7 22 39 87
Balanced Fund 12 36 62 137
FIXED-INCOME FUNDS
Convertible Securities Fund 12 37 64 142
Tax-Exempt Bond Fund 11 33 58 128
Bond Fund 9 27 47 105
Intermediate Tax-Exempt Bond Fund 11 33 58 128
Short/Intermediate Bond Fund 9 27 47 105
Intermediate Government Bond Fund 8 24 42 93
MONEY MARKET FUNDS
Tax-Exempt Money Market Fund 5 17 30 66
Money Market Fund 5 17 29 65
Government Money Market Fund 6 17 30 68
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES OR PERFORMANCE, WHICH MAY BE MORE OR LESS THAN THOSE SHOWN.
The purpose of the expense tables is to help you understand the various costs
and expenses that an investor in a Fund will bear directly or indirectly. For
more information concerning these costs and expenses, see MANAGEMENT.
<PAGE> 3
FINANCIAL HIGHLIGHTS
The following financial highlights, which are to be inserted as part of the
section entitled "FINANCIAL HIGHLIGHTS" beginning on page 10 of the Prospectus,
represent selected data for a single Class A Share of each of the Balanced Fund,
the Convertible Securities Fund and the Intermediate Government Bond Fund for
the periods shown. This data supplements information contained in the Prospectus
and is derived from the financial statements of the Funds for the periods ended
June 30, 1997.
<TABLE>
<CAPTION>
CONVERTIBLE INTERMEDIATE
BALANCED FUND SECURITIES FUND GOVERNMENT BOND FUND
-------------- --------------- --------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
04/16/97(1) 03/26/97(1) 04/16/97(1)
TO 06/30/97 TO 06/30/97 TO 06/30/97
-------------- -------------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period .. $ 12.56 $ 29.30 $ 16.06
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ................. 0.118 0.290 0.213
Net Realized and Unrealized Gain/(Loss)
on Investments ................... 1.024 0.745 0.170
------- ------- -------
Total from Investment Operations ...... 1.142 1.035 0.383
------- ------- -------
LESS DISTRIBUTIONS:
Net Investment Income ................. (0.112) (0.285) (0.213)
------- ------- -------
Total Distributions ................... (0.112) (0.285) (0.213)
------- ------- -------
Net Asset Value, End of Period ........ $ 13.59 $ 30.05 $ 16.23
======= ======= =======
TOTAL RETURN(4)(5) .................... 9.09% 3.53% 2.39%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period ($000) ...... 1 12 26
Ratios of Expenses to Average Net
Assets(2)(3) ..................... 1.13% 1.17% 0.75%
Ratio of Net Investment Income
to Average Net Assets(3) ......... 3.18% 4.02% 6.20%
Portfolio Turnover Rate ............... 42.67% 21.33% 32.89%
Average Commission Rate(6) ............ $ 0.059 $ 0.060 --
</TABLE>
(1) Date commenced operations.
(2) Without the voluntary waiver of fees, the annualized expense ratios for
the periods ended June 30, 1997 for the Convertible Securities Fund and
the Intermediate Government Bond Fund would have 1.18% and 1.12%,
respectively.
(3) Annualized.
(4) Total returns for periods less than one year are not annualized.
(5) Sales load is not reflected in total return.
(6) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
<PAGE> 4
ADOPTION OF NEW SERVICE PLAN TO REPLACE EXISTING SERVICE PLANS
On November 18, 1997, the Funds' Board of Directors and Board of Trustees
adopted a new Service Plan for Class A Shares of the Funds. The existing Service
Plans, which were adopted pursuant to Rule 12b-1 under the Investment Company
Act of 1940, were eliminated. As the new Service Plan will no longer authorize
payments pursuant to the Plan to be made for distribution purposes, it was not
adopted pursuant to Rule 12b-1. This change is effective December 1, 1997.
As a result of this change, the caption "Rule 12b-1 Fees" over the second column
on page 7 of the Prospectus under the section entitled "EXPENSE SUMMARY - ANNUAL
OPERATING EXPENSES" has been changed to "Shareholder Servicing Fees." Under the
new Service Plan, the maximum service fees payable by each of the Money Market
Funds have been reduced from 0.35% (on an annualized basis) of the average daily
net asset value of the Fund's Class A Shares to 0.25% (on an annualized basis).
Otherwise, the section entitled "MANAGEMENT - SERVICE PLAN" found on page 44 of
the Prospectus remains an accurate description of the new Service Plan.
* * *
INTERNATIONAL FUND - APPOINTMENT OF INVESTMENT SUB-ADVISER
To assist Harris Investment Management, Inc. ("HIM") under the Portfolio
Management Contract, HIM has entered into an Investment Sub-Advisory Contract
with Hansberger Global Investors, Inc. ("Hansberger") on behalf of the
International Fund. Hansberger is an investment adviser registered under the
Investment Advisers Act of 1940, as amended, and provides a broad range of
portfolio management services to clients in the United States and abroad.
Hansberger, 515 East Las Olas Blvd., Suite 1300, Fort Lauderdale, Florida 33301,
is controlled by Mr. Thomas L. Hansberger, who founded the firm in 1994. Before
forming Hansberger in 1994, Mr. Hansberger had served as Chairman, President and
Chief Executive Officer of Templeton Worldwide, Inc., the parent holding company
of the Templeton group of companies. While at Templeton, Mr. Hansberger served
as director of research and was an officer, director or primary portfolio
manager for several Templeton mutual funds.
Under the terms of the Sub-Advisory Contract, and subject to the overall control
of the Board of Trustees, Harris Trust and HIM, Hansberger will have
responsibility for the general management and investment of the Fund's assets.
In carrying out its obligations to manage and invest the assets, Hansberger will
(i) obtain and evaluate pertinent economic, statistical, financial and other
information affecting the economic regions and individual national economies
generally, together with information specific to individual companies or
industries, the securities of which are included in the Fund's investment
portfolio or may be under consideration for inclusion therein; and (ii)
formulate and execute an ongoing program of investment for the Fund, including
geographic allocation, consistent with the Fund's investment objective,
policies, strategy and restrictions. Under the terms of the Sub-Advisory
Contract, HIM will supervise the performance of Hansberger, including
Hansberger's adherence to the Fund's investment objective and policies.
Effective August 1, 1997, Hansberger will manage the International Fund's
investment portfolio in a manner consistent with its objectives and in
accordance with the Fund's current investment policies and restrictions with
respect to permitted investment practices. In its investment approach,
Hansberger relies heavily on a fundamental analysis of securities, seeking to
maximize the scope and effectiveness of the approach by extending its
application into many countries around the world. Hansberger believes that this
extensive approach may offer more diverse opportunities and the flexibility to
shift portfolio investments not only from company to company and industry to
industry, but also from country to country, in the search for undervalued
securities. Hansberger's approach contrasts with the investment approach that
HIM has employed in managing the Fund. Under the management of HIM, the Fund has
invested in securities that are typical of those represented in the Morgan
Stanley Capital International Europe, Australia, Far East (EAFE) Index, a
broad-based index of international securities. Although the Fund will continue
to invest in securities contained in the EAFE Index, the Fund will not
necessarily emphasize those securities or invest in them in a manner consistent
with their weightings in the EAFE Index. In addition, the Fund will tend to hold
fewer securities at any given time due to Hansberger's reliance on a
security-by-security analysis as opposed to a comprehensive market-based
approach.
Compensation under the Sub-Advisory Contract will not increase the amounts that
the International Fund pays for advisory services. Under the Sub-Advisory
Contract, HIM will bear Hansberger's fees, which will be calculated daily and
paid monthly, at an annual rate of 0.75% of the first $25 million of the average
net assets of the Fund, 0.50% of the next $75 million, and 0.35% of net assets
in excess of $100 million. The Sub-Advisory Contract will continue in effect
until February 23, 1999 and thereafter shall continue for successive annual
periods provided that the continuation is specifically approved at least
annually by the Board of Trustees or by vote of the shareholders of the Fund at
a meeting called for the purpose of voting on the Sub-Advisory Contract.
<PAGE> 5
The Hansberger portfolio management team responsible for the management of the
Fund will consist of James Chaney, Robert Mazuelos and John Hock. Mr. Chaney,
who joined Hansberger in 1996 as Chief Investment Officer, will be the Fund's
leader. Prior to joining Hansberger, he was Executive Vice President for
Templeton Worldwide and a senior member of its Portfolio Management/Strategy
Committee. While at Templeton, Mr. Chaney managed numerous accounts, including
the $2.5 billion Foreign Equity Series of Templeton Institutional Funds Inc. Mr.
Chaney has worked closely with his predecessor to ensure a smooth transition of
management responsibilities. Robert Mazuelos joined Hansberger in 1995 as a
research analyst. Prior to joining Hansberger, he was a performance analyst at
Templeton Investment Counsel, Inc. where he was responsible for return analysis
on separate accounts and mutual funds. John Hock joined Hansberger in 1996 as a
research analyst. Prior to joining Hansberger, he was a senior analyst in the
global securities research and economics group at Merrill Lynch.
* * *
MONEY MARKET FUNDS - CHECKWRITING PRIVILEGE
The Money Market Fund, the Government Money Market Fund and the Tax-Exempt Money
Market Fund offer a checkwriting privilege. If you are an investor in one of
these Funds and have completed the checkwriting application and signature card,
you may redeem shares by writing a check against your account. If you are
opening a new account and wish to use checkwriting, you must complete the
checkwriting application and signature card when completing the account
application. If you already have an account, you may contact the Harris Insight
Funds at (800) 982-8782 for the necessary forms.
Upon receipt of the necessary forms, checks will be forwarded to you. The
minimum check amount is $500. The checkwriting privilege will be subject to the
customary rules and regulations governing checkwriting. If your account is
registered as belonging to multiple owners (e.g., as joint tenants), each
shareholder must sign each check, unless the shareholders have authorized fewer
signatures and such election is on file with the Funds' transfer agent. When the
check is presented to the transfer agent for payment, the Fund's custodian will
cause the Fund to redeem a sufficient number of shares in your account to cover
the amount of the check, which enables you to continue earning income on those
shares until the check is presented for payment. You should make certain that
you own a sufficient number of shares to cover the amount of the check. If you
do not own enough shares to cover a check when presented, the check will be
returned to the payee marked "insufficient funds." Checks written for amounts
that would require the redemption of shares purchased by check or electronic
funds transfer within the previous 10 business days or checks written in amounts
of less than $500 may be returned. Charges may be imposed for returned checks,
stop payment orders, copies of cancelled checks and other special services. The
Funds and the Funds' custodian reserve the right to terminate or modify this
privilege or to impose a service fee in connection with the privilege.
For information about other services offered by the Harris Insight Funds, see
"SHAREHOLDER SERVICES AND POLICIES" in the Prospectus.
* * *
MONEY MARKET FUND - DETERMINATION OF NET ASSET VALUE
As described on page 54 of the Prospectus, the Money Market Fund normally
calculates net asset value (NAV) per share on each day the Fund is open for
business by dividing the value of the Fund's net assets (i.e., the value of its
securities and other assets less its liabilities) allocable to each class by the
number of shares of that class outstanding at the time the determination is
made. Shares are purchased and redeemed at their next determined net asset
value.
Effective October 17, 1997, the Money Market Fund will determine NAV per share
at 2:30 p.m., Eastern time, instead of the previous time, 12:00 noon. Purchase
orders received and accepted before 2:30 p.m., Eastern time, will receive that
day's NAV per share. For shareholders who have elected the wire redemption
privilege, if such a redemption request is received by 2:30 p.m., Eastern time,
on a day the Fund and the Fund's transfer agent are open for business, the
redemption proceeds normally will be transmitted to the shareholder's bank that
same day. For more information about share purchases and redemptions, see "HOW
TO BUY SHARES" and "HOW TO SELL SHARES" in the Prospectus.
<PAGE> 6
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
Institutional Shares
SUPPLEMENT DATED DECEMBER 1, 1997 TO THE PROSPECTUS
DATED MAY 1, 1997 AS AMENDED NOVEMBER 14, 1997
FINANCIAL HIGHLIGHTS
The following financial highlights, which are to be inserted as part of the
section entitled "FINANCIAL HIGHLIGHTS" beginning on page 10 of the Prospectus,
represent selected data for a single Institutional Share of each of the Balanced
Fund, the Convertible Securities Fund, the Intermediate Government Bond Fund and
Small-Cap Value Fund for the periods shown. This data supplements information
contained in the Prospectus and is derived from the financial statements of the
Funds for the periods ended June 30, 1997.
<TABLE>
<CAPTION>
INTERMEDIATE
CONVERTIBLE GOVERNMENT SMALL-CAP
BALANCED FUND SECURITIES FUND BOND FUND VALUE FUND
----------------- -------------------- --------------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
03/24/97(1) 03/24/97(1) 03/24/97(1) 03/24/97(1)
TO 06/30/97 TO 06/30/97 TO 06/30/97 TO 06/30/97
----------------- -------------------- --------------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period .. $ 12.74 $ 29.15 $ 16.12 $ 28.29
----------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ................. 0.123 0.348 0.283 0.070
Net Realized and Unrealized Gain/(Loss)
on Investments ................... 0.844 0.868 0.110 3.099
----------- ----------- ----------- -----------
Total from Investment Operations ...... 0.967 1.216 0.393 3.169
----------- ----------- ----------- -----------
LESS DISTRIBUTIONS:
Net Investment Income ................. (0.117) (0.316) (0.283) (0.059)
----------- ----------- ----------- -----------
Total Distributions ................... (0.117) (0.316) (0.283) (0.059)
----------- ----------- ----------- -----------
Net Asset Value, End of Period ........ $ 13.59 $ 30.05 $ 16.23 $ 31.40
=========== =========== =========== ===========
TOTAL RETURN(4)(5) .................... 7.58% 4.17% 2.46% 11.20%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period ($000) ...... 60,440 58,087 91,161 60,986
Ratios of Expenses to
Average Net Assets(2)(3) ......... 0.88% 0.92% 0.50% 0.99%
Ratio of Net Investment Income
to Average Net Assets(3) ......... 3.43% 4.27% 6.45% 0.95%
Portfolio Turnover Rate ............... 42.67% 21.33% 32.89% 23.09%
Average Commission Rate(6) ............ $ 0.059 $ 0.060 -- $ 0.054
</TABLE>
(1) Date commenced operations.
(2) Without the voluntary waiver of fees, the annualized expense ratios for
the periods ended June 30, 1997 for the Convertible Securities Fund,
the Intermediate Government Bond Fund and the Small-Cap Value Fund
would have been 0.93%, 0.87% and 1.03, respectively.
(3) Annualized.
(4) Total returns for periods less than one year are not annualized.
(5) Sales load is not reflected in total return.
(6) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
<PAGE> 7
INTERNATIONAL FUND - APPOINTMENT OF INVESTMENT SUB-ADVISER
To assist Harris Investment Management, Inc. ("HIM") under the Portfolio
Management Contract, HIM has entered into an Investment Sub-Advisory Contract
with Hansberger Global Investors, Inc. ("Hansberger") on behalf of the
International Fund. Hansberger is an investment adviser registered under the
Investment Advisers Act of 1940, as amended, and provides a broad range of
portfolio management services to clients in the United States and abroad.
Hansberger, 515 East Las Olas Blvd., Suite 1300, Fort Lauderdale, Florida 33301,
is controlled by Mr. Thomas L. Hansberger, who founded the firm in 1994. Before
forming Hansberger in 1994, Mr. Hansberger had served as Chairman, President and
Chief Executive Officer of Templeton Worldwide, Inc., the parent holding company
of the Templeton group of companies. While at Templeton, Mr. Hansberger served
as director of research and was an officer, director or primary portfolio
manager for several Templeton mutual funds.
Under the terms of the Sub-Advisory Contract, and subject to the overall control
of the Board of Trustees, Harris Trust and HIM, Hansberger will have
responsibility for the general management and investment of the Fund's assets.
In carrying out its obligations to manage and invest the assets, Hansberger will
(i) obtain and evaluate pertinent economic, statistical, financial and other
information affecting the economic regions and individual national economies
generally, together with information specific to individual companies or
industries, the securities of which are included in the Fund's investment
portfolio or may be under consideration for inclusion therein; and (ii)
formulate and execute an ongoing program of investment for the Fund, including
geographic allocation, consistent with the Fund's investment objective,
policies, strategy and restrictions. Under the terms of the Sub-Advisory
Contract, HIM will supervise the performance of Hansberger, including
Hansberger's adherence to the Fund's investment objective and policies.
Effective August 1, 1997, Hansberger will manage the International Fund's
investment portfolio in a manner consistent with its objectives and in
accordance with the Fund's current investment policies and restrictions with
respect to permitted investment practices. In its investment approach,
Hansberger relies heavily on a fundamental analysis of securities, seeking to
maximize the scope and effectiveness of the approach by extending its
application into many countries around the world. Hansberger believes that this
extensive approach may offer more diverse opportunities and the flexibility to
shift portfolio investments not only from company to company and industry to
industry, but also from country to country, in the search for undervalued
securities. Hansberger's approach contrasts with the investment approach that
HIM has employed in managing the Fund. Under the management of HIM, the Fund has
invested in securities that are typical of those represented in the Morgan
Stanley Capital International Europe, Australia, Far East (EAFE) Index, a
broad-based index of international securities. Although the Fund will continue
to invest in securities contained in the EAFE Index, the Fund will not
necessarily emphasize those securities or invest in them in a manner consistent
with their weightings in the EAFE Index. In addition, the Fund will tend to hold
fewer securities at any given time due to Hansberger's reliance on a
security-by-security analysis as opposed to a comprehensive market-based
approach.
Compensation under the Sub-Advisory Contract will not increase the amounts that
the International Fund pays for advisory services. Under the Sub-Advisory
Contract, HIM will bear Hansberger's fees, which will be calculated daily and
paid monthly, at an annual rate of 0.75% of the first $25 million of the average
net assets of the Fund, 0.50% of the next $75 million, and 0.35% of net assets
in excess of $100 million. The Sub-Advisory Contract will continue in effect
until February 23, 1999 and thereafter shall continue for successive annual
periods provided that the continuation is specifically approved at least
annually by the Board of Trustees or by vote of the shareholders of the Fund at
a meeting called for the purpose of voting on the Sub-Advisory Contract.
The Hansberger portfolio management team responsible for the management of the
Fund will consist of James Chaney, Robert Mazuelos and John Hock. Mr. Chaney,
who joined Hansberger in 1996 as Chief Investment Officer, will be the Fund's
leader. Prior to joining Hansberger, he was Executive Vice President for
Templeton Worldwide and a senior member of its Portfolio Management/Strategy
Committee. While at Templeton, Mr. Chaney managed numerous accounts, including
the $2.5 billion Foreign Equity Series of Templeton Institutional Funds Inc. Mr.
Chaney has worked closely with his predecessor to ensure a smooth transition of
management responsibilities. Robert Mazuelos joined Hansberger in 1995 as a
research analyst. Prior to joining Hansberger, he was a performance analyst at
Templeton Investment Counsel, Inc. where he was responsible for return analysis
on separate accounts and mutual funds. John Hock joined Hansberger in 1996 as a
research analyst. Prior to joining Hansberger, he was a senior analyst in the
global securities research and economics group at Merrill Lynch.
<PAGE> 8
MONEY MARKET FUND - DETERMINATION OF NET ASSET VALUE
As described on page 45 of the Prospectus, the Money Market Fund normally
calculates net asset value (NAV) per share on each day the Fund is open for
business by dividing the value of the Fund's net assets (i.e., the value of its
securities and other assets less its liabilities) allocable to each class by the
number of shares of that class outstanding at the time the determination is
made. Shares are purchased and redeemed at their next determined net asset
value.
Effective October 17, 1997, the Money Market Fund will determine NAV per share
at 2:30 p.m., Eastern time, instead of the previous time, 12:00 noon. Purchase
orders received and accepted before 2:30 p.m., Eastern time, will receive that
day's NAV per share. For shareholders who have elected the wire redemption
privilege, if such a redemption request is received by 2:30 p.m., Eastern time,
on a day the Fund and the Fund's transfer agent are open for business, the
redemption proceeds normally will be transmitted to the shareholder's bank that
same day. For more information about share purchases and redemptions, see "HOW
TO BUY SHARES" and "HOW TO SELL SHARES" in the Prospectus.
