Supplement dated April 1, 1997
to the Prospectus dated October 18, 1996
of
Hansberger Institutional Series
515 East Las Olas Boulevard
Suite 1300
Fort Lauderdale, Florida
Telephone No. 954-522-5150
The Prospectus dated October 18, 1996 of the Hansberger
Institutional Series (the "Trust") is hereby amended and
supplemented as follows:
- - In the Introduction section on page 2, the last sentence under
the heading "How to Invest" is replaced with the following
sentence.
Currently, shares of Foreign Small Cap Fund are not being offered
or sold.
- - The section on page 3, under the heading "FEE SUMMARY," is
replaced in its entirety with the following:
The following table and example are intended to assist you
in understanding the expenses and fees that a shareholder of a
Fund will incur:
Emerging Foreign All
SHAREHOLDER TRANSACTION International Markets Small Cap Countries
EXPENSE Fund Fund Fund Fundsm
------------- ------- --------- ---------
Maximum Sales Load Imposed None* None* None* None*
on Purchase
Redemption Fee 0.50%* 1.00%* 1.00%* 0.50%*
============================================================================
ANNUAL FUND OPERATING
EXPENSES (as a percentage of
average net assets)
Management Fees 0.75% 1.00% 0.90% 0.75%
12b-1 Fees None None None None
Other Expenses (after 0.25% 0.50% 0.35% 0.25%
voluntary waivers)** ----- ----- ----- -----
Total Fund Operating
Expenses (after voluntary 1.00% 1.50% 1.25% 1.00%
waivers)***
============================================================================
* Shareholders who invest on APRIL 15, 1997 and thereafter,
will be charged a transaction fee, which is payable
directly to the Fund, in connection with each purchase and
redemption of shares of the Fund. The transaction fee is
intended to allocate transaction costs associated with
purchases and redemptions of shares of the Fund to
investors actually making such purchases and redemptions
rather than to the Fund's other shareholders. The
transaction fee represents the Adviser's estimate of such
transaction costs, which include the costs of acquiring and
disposing of the Fund's portfolio securities. The
transaction fee is 1.00% for the Emerging Markets and
Foreign Small Cap Funds and 0.50% for the International and
All Countries Funds. THE TRANSACTION FEE IS NOT A SALES
CHARGE OR LOAD, AND IS RETAINED BY THE FUND. The fee does
not apply to, and is not charged in connection with,
reinvestment of dividends or capital gain distributions.
** Reflects voluntary waivers and reimbursements of fees by the
Adviser. In the absence of such voluntary waivers or
reimbursements, Other Expenses for each of the following
Funds are estimated to be: International Fund - 0.45%;
Emerging Markets Fund - 0.55%; Foreign Small Cap Fund -
0.40%; and All Countries Fundsm - 0.45%.
*** Reflects voluntary waivers and reimbursements of fees by the
Adviser. In the absence of such voluntary waivers or
reimbursements, Total Fund Operating Expenses for each of
the following Funds are estimated to be: International Fund
- 1.20%; Emerging Markets Fund - 1.55%; Foreign Small Cap
Fund - 1.30; and All Countries Fundsm - 1.20%. Although the
Adviser anticipates voluntarily waiving fees and/or bearing
expenses that will result in total fund operating expenses
as set forth above, it is under no obligation to continue to
do so. See "MANAGEMENT OF THE FUNDS _ Investment Adviser."
- --------------------------------------------------------------------------
Example
The following example demonstrates the expenses you would
pay on a $1,000 investment assuming 5% annual return and either
(1) complete redemption at the end of each time period:
1 year 3 years
------ -------
International Fund $20 $43
Emerging Markets Fund $36 $68
Foreign Small Cap Fund $33 $61
All Countries Fundsm $20 $43
- ---------------------------------------------------------------------------
or (2) no redemption at the end of each period:
1 year 3 years
------ -------
International Fund $15 $37
Emerging Markets Fund $25 $57
Foreign Small Cap Fund $23 $50
All Countries Fundsm $15 $37
- ---------------------------------------------------------------------------
The example should not be considered a representation of
past or future expenses. Actual expenses may be greater or less
than those shown. "Other Expenses" are based on estimated
amounts for the current fiscal year. The assumption of a 5%
annual return is required by the U.S. Securities and Exchange
Commission (the "SEC"), and is not a prediction of a Fund's
future performance. The example assumes the deduction of
transaction fees at the time of purchase and redemption.
Investments in the Funds prior to April 15, 1997, will not be
subject to the transaction fees.
The Adviser may direct a Fund's securities transactions to
brokers who may agree to assume (or to arrange for third parties
to assume) certain expenses of the Fund.
- -The following sentence is added to the section under the heading
"Investment Policies Common to Each Fund" on page 5:
Each Fund may invest in securities of companies or
investment trusts that invest in, or securities backed by,
mortgages , real estate or interests in real estate,
including, but not limited to, real estate investment trusts
("REITs").
- -The following paragraph is added at the end of the section under
the heading "Investment Techniques" on page 10:
REITS. REITs are trusts that invest primarily in
commercial real estate or real estate-related loans. The
value of interests in REITs may be affected by the value of
the underlying property owned or the quality of the loans
held by the trust.
- -In the section titled "Portfolio Managers" on pages 20 and 21:
- the heading "Portfolio Managers" is replaced with
"Portfolio Management Team."
- the last sentence discussing Thomas L. Hansberger is
replaced with the following:
He is the lead manager for the All Countries
Fundsm and the Emerging Markets Fund.
- the paragraph discussing Wilkin W. Tai is deleted.
- the paragraphs discussing Ms. Reeves and Messrs. Alzuru,
Tyurenkov and Gulden are replaced with the following:
Lauretta (Retz) Reeves joined the Adviser in 1996 as a
Managing Director, portfolio manager and research analyst.
Prior to joining the Adviser she was Senior Vice President
of Templeton Worldwide in the research and portfolio
management group with primary responsibility for numerous
industries and countries, including global chemicals and
European banks. Ms. Reeves is the lead manager for the
Foreign Small Cap Fund and a member of the team that manages
the International Fund.
Francisco Alzuru joined the Adviser in 1994 as a Managing
Director, portfolio manager and research analyst,
specializing in Latin America. Prior to joining the
Adviser, he worked at Vestcorp Partners as their Latin
American analyst. Mr. Alzuru is a member of the team that
manages the Foreign Small Cap Fund, the All Countries Fundsm
and the Emerging Markets Fund.
Victoria Gretzky joined the Adviser in 1995 as a research
analyst. Prior to joining the Adviser, she was a research
analyst for Optimum Consulting, a Russian based firm which
specialized in restructuring Russian Companies during
privatization. Ms. Gretzky is a member of the team that
manages the Emerging Markets Fund.
Charles F. Gulden joined the Adviser in 1996 as a Managing
Director, portfolio manager and research analyst. Prior to
joining the Adviser, he was Vice President and Director of
Templeton Worldwide in the research and portfolio management
group with primary research responsibility for global health
care services and agricultural chemical sectors. Mr. Gulden
is a member of the teams that manage the Foreign Small Cap
Fund and the All Countries Fundsm.
John Hock joined the Adviser in 1996 as a research analyst.
Prior to joining the adviser, he was a vice president and
senior analyst in the global securities research and
economics group at Merrill Lynch. Mr. Hock is a member of
the teams that manage the International Fund and the All
Countries Fundsm.
Robert Mazuelos joined the Adviser in 1995 as a research
analyst. Prior to joining the Adviser, he was a performance
analyst at Templeton Investment Counsel, Inc. where he was
responsible for return analysis on separate accounts and
mutual funds. Mr. Mazuelos is a member of the teams that
manage the International Fund, Emerging Markets Fund and the
Foreign Small Cap Fund.
Pattra Piriyapoksombut joined the Adviser in 1996 as a
portfolio manager and research analyst. Prior to joining
the Adviser, she was a senior analyst at Wheelock NatWest
Securities where her research responsibilities included
building materials and property sectors. Ms.
Piriyapoksombut is a member of the team that manages the
Emerging Markets Fund.
Vladimir Tyurenkov joined the Adviser in 1995 as Managing
Director of Eastern Europe and Russia, portfolio manager and
research analyst. Prior to joining the Adviser, he spent
several years working for the Russian Government and worked
extensively on the Pepperdine University Russian Conversion
and Privatization Program. Mr. Tyurenkov is a member of the
teams that manage the Foreign Small Cap Fund, the All
Countries Fundsm and the Emerging Markets Fund.
David Wu joined the Adviser in 1995 as a research analyst.
Prior to joining the Adviser, Mr. Wu was an editor at
Business Asia, an Economist Group publication targeted at
senior management for multinationals operating in Asia. He
is a member of the teams that manage the Emerging Markets
Fund and the Foreign Small Cap Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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