Supplement Dated August 26, 1996 to
Prospectus Dated February 21, 1996, as Revised July 1, 1996
EQUITY FUNDS - CLASS A SHARES
Harris Insight Equity Fund
Harris Insight Equity Income Fund
Harris Insight Growth Fund
Harris Insight Small-Cap Opportunity Fund
Harris Insight Index Fund
Harris Insight International Fund
Harris Insight Balanced Fund
The following tables of "FINANCIAL HIGHLIGHTS" relating to the Equity Income
Fund, the Growth Fund, the Small-Cap Opportunity Fund, the Index Fund and the
International Fund supplement information contained in the Prospectus and are
derived from the financial statements of the Funds for the period ended June 30,
1996.
<TABLE>
<CAPTION>
Equity Income Fund Growth Fund Small-Cap Fund
Class A Shares Class A Shares Class A Shares
For the Period For the Period For the Period
04/18/96(6) 04/19/96(6) 04/19/96(6)
to 06/30/96 to 06/30/96 to 06/30/96
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $13.02 $16.49 $14.25
------------ ------------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.069 0.008 0.011
Net Realized and Unrealized Gain/(Loss)
on Investments 0.368 1.092 0.733
------------ ------------- ------------
Total from Investment Operations 0.437 1.100 0.744
------------ ------------- ------------
LESS DISTRIBUTIONS:
Net Investment Income (0.067) (0.010) (0.034)
------------ ------------- ------------
Total Distributions (0.067) (0.010) (0.034)
------------ ------------- ------------
Net Asset Value, End of Period $13.39 $17.58 $14.96
============ ============= ============
TOTAL RETURN(3)(4) 3.36% 6.67% 5.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $107 $114 $111
Ratios of Expenses to Average Net
Assets(1)(2) 1.03% 1.25% 1.34%
Ratio of Net Investment Income to
Average Net Assets(2) 4.37% 0.22% 0.64%
Portfolio Turnover Rate 0.34% 15.80% 22.72%
Average Commission Rate(5) $0.059 $0.057 $0.058
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Class A shares of the Growth Fund
and the Small-Cap Fund would have been 1.26% and 1.35%, respectively.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Sales load is not reflected in total return.
(5) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
(6) Date commenced operations.
<TABLE>
<CAPTION>
Index Fund International Fund
Class A Shares Class A Shares
For the Period For the Period
04/19/96(6) 03/13/96(6)
to 06/30/96 to 06/30/96
<S> <C> <C>
Net Asset Value, Beginning of Period $16.35 $14.69
------------ -------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.046 0.082
Net Realized and Unrealized Gain/(Loss)
on Investments 0.702 0.739
------------ -------------
Total from Investment Operations 0.748 0.821
------------ -------------
LESS DISTRIBUTIONS:
Net Investment Income (0.078) (0.101)
------------ -------------
Total Distributions (0.078) (0.101)
------------ -------------
Net Asset Value, End of Period $17.02 $15.41
============ =============
TOTAL RETURN(3)(4) 4.58% 5.59%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $52 $206
Ratios of Expenses to Average Net
Assets(1)(2) 0.58% 1.41%
Ratio of Net Investment Income to
Average Net Assets(2) 2.85% 2.71%
Portfolio Turnover Rate 4.08% 5.58%
Average Commission Rate(5) $0.041 $0.016
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Class A shares of the Index Fund
would have been 0.59%.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Sales load is not reflected in total return.
(5) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
(6) Date commenced operations.
Supplement Dated August 26, 1996 to
Prospectus Dated February 21, 1996 as Revised July 1, 1996
FIXED INCOME FUNDS - CLASS A SHARES
Harris Insight Convertible Securities Fund
Harris Insight Short/Intermediate Bond Fund
Harris Insight Bond Fund
Harris Insight Intermediate Government Bond Fund
Harris Intermediate Tax-Exempt Bond Fund
Harris Insight Tax-Exempt Bond Fund
The following tables of "FINANCIAL HIGHLIGHTS" relating to the Bond Fund and the
Intermediate Tax-Exempt Bond Fund supplement information contained in the
Prospectus and are derived from the financial statements of the Funds for the
period ended June 30, 1996.
<TABLE>
<CAPTION>
Bond Fund Intermediate
Class A Shares Tax-Exempt Fund
For the Period Class A Shares
04/22/96(5) For the Period
to 06/30/96 03/13/96(5)
to 06/30/96
<S> <C> <C>
Net Asset Value, Beginning of Period $9.99 $10.55
------------ -------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.107 0.084
Net Realized and Unrealized Gain/(Loss)
on Investments (0.040) (0.100)
------------ -------------
Total from Investment Operations 0.067 (0.016)
------------ -------------
LESS DISTRIBUTIONS:
Net Investment Income (0.107) (0.084)
------------ -------------
Total Distributions (0.107) (0.084)
------------ -------------
Net Asset Value, End of Period $9.95 $10.45
============ =============
TOTAL RETURN(3)(4) 0.67% (0.15)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $32 --
Ratios of Expenses to Average Net
Assets(1)(2) 0.67% 0.78%
Ratio of Net Investment Income to
Average Net Assets(2) 6.18% 2.22%
Portfolio Turnover Rate 34.25% 28.13%
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Class A shares of the Bond Fund
and Intermediate Tax-Exempt Fund would have been 1.04% and 0.81%,
respectively.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Sales load is not reflected in total return.
(5) Date commenced operations.
Supplement Dated August 26, 1996 to
Prospectus Dated February 21, 1996 as Revised July 1, 1996
INSTITUTIONAL SHARES
Harris Insight Equity Fund
Harris Insight Equity Income Fund
Harris Insight Growth Fund
Harris Insight Small-Cap Opportunity Fund
Harris Insight Index Fund
Harris Insight International Fund
Harris Insight Balanced Fund
Harris Insight Convertible Securities Fund
Harris Insight Short/Intermediate Bond Fund
Harris Insight Bond Fund
Harris Insight Intermediate Government Bond Fund
Harris Insight Intermediate Tax-Exempt Bond Fund
Harris Insight Tax-Exempt Bond Fund
Harris Insight Government Money Market Fund
Harris Insight Money Market Fund
Harris Insight Tax-Exempt Money Market Fund
The following tables of "FINANCIAL HIGHLIGHTS" relating to the Equity Income
Fund, Growth Fund, Small-Cap Opportunity Fund, Index Fund, the International
Fund, Bond Fund, Intermediate Tax-Exempt Bond Fund and the Tax-Exempt Bond Fund
supplement information contained in the Prospectus and are derived from the
financial statements of the Funds for the period ended June 30, 1996.
<TABLE>
<CAPTION>
Equity Income Fund Growth Fund Small-Cap Fund
Institutional Shares Institutional Shares Institutional Shares
For the Period For the Period For the Period
02/26/96(5) 02/26/96(5) 02/26/96(5)
to 06/30/96 to 06/30/96 to 06/30/96
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $13.34 $17.01 $14.24
------------ ------------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.117 0.018 0.035
Net Realized and Unrealized Gain/(Loss)
on Investments 0.043 0.579 0.719
------------ ------------- ------------
Total from Investment Operations 0.160 0.597 0.754
------------ ------------- ------------
LESS DISTRIBUTIONS:
Net Investment Income (0.110) (0.017) (0.034)
------------ ------------- ------------
Total Distributions (0.110) (0.017) (0.034)
------------ ------------- ------------
Net Asset Value, End of Period $13.39 $17.59 $14.96
============ ============= ============
TOTAL RETURN(3) 1.21% 3.51% 5.30%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $29,485 $67,722 $134,171
Ratios of Expenses to Average Net
Assets(1)(2) 0.93% 1.10% 1.20%
Ratio of Net Investment Income to
Average Net Assets(2) 2.55% 0.30% 0.07%
Portfolio Turnover Rate 0.34% 15.80% 22.72%
Average Commission Rate(4) $0.059 $0.057 $0.058
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Institutional Class shares of the
Growth Fund and the Small-Cap Fund would have been 1.11% and 1.21%,
respectively.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
(5) Date commenced operations.
<TABLE>
<CAPTION>
Index Fund International Fund
Institutional Shares Institutional Shares
For the Period For the Period
02/26/96(5) 02/26/96(5)
to 06/30/96 to 06/30/96
<S> <C> <C>
Net Asset Value, Beginning of Period $16.72 $15.04
------------ -------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.108 0.106
Net Realized and Unrealized Gain/(Loss)
on Investments 0.295 0.366
------------ -------------
Total from Investment Operations 0.403 0.472
------------ -------------
LESS DISTRIBUTIONS:
Net Investment Income (0.103) (0.101)
------------ -------------
Total Distributions (0.103) (0.101)
------------ -------------
Net Asset Value, End of Period $17.02 $15.41
============ =============
TOTAL RETURN(3) 2.42% 3.14%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $129,972 $105,388
Ratios of Expenses to Average Net
Assets(1)(2) 0.45% 1.32%
Ratio of Net Investment Income to 1.87% 2.84%
Average Net Assets(2)
Portfolio Turnover Rate 4.08% 5.58%
Average Commission Rate(4) $0.041 $0.016
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Institutional Class shares of the
Index Fund would have been 0.46%.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Computed by dividing the total amount of commission paid by the total
number of shares purchased and sold during the period.
(5) Date commenced operations.
<TABLE>
<CAPTION>
Intermediate
Bond Fund Tax-Exempt Fund Tax-Exempt Fund
Institutional Shares Institutional Shares Institutional Shares
For the Period For the Period For the Period
04/16/96(4) 02/26/96(4) 02/26/96(4)
to 06/30/96 to 06/30/96 to 06/30/96
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.74 $10.56
------------ ------------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.117 0.156 0.165
Net Realized and Unrealized Gain/(Loss)
on Investments (0.050) (0.290) (0.320)
------------ ------------- ------------
Total from Investment Operations 0.067 (0.134) (0.155)
------------ ------------- ------------
LESS DISTRIBUTIONS:
Net Investment Income (0.117) (0.156) (0.165)
------------ ------------- ------------
Total Distributions (0.117) (0.156) (0.165)
------------ ------------- ------------
Net Asset Value, End of Period $9.95 $10.45 $10.24
============ ============= ============
TOTAL RETURN(3) 0.68% (1.25)% (1.46)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $29,175 $224,229 $161,658
Ratios of Expenses to Average Net
Assets(1)(2) 0.57% 0.78% 0.78%
Ratio of Net Investment Income to
Average Net Assets(2) 5.74% 4.30% 4.65%
Portfolio Turnover Rate 34.25% 28.13% 37.94%
</TABLE>
- ------------
(1) Without the voluntary waiver of fees, the annualized expense ratios for
the period ended June 30, 1996 for the Institutional Class shares of the
Bond Fund, Intermediate Tax-Exempt Fund and Tax-Exempt Fund would have
been 0.94%, 0.81% and 0.81%, respectively.
(2) Annualized.
(3) Total returns for periods less than one year are not annualized.
(4) Date commenced operations.
