HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
Class A Shares
SUPPLEMENT DATED AUGUST 1, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
ALL FUNDS
As described on page 48 of the Prospectus, certain classes of investors are
exempt from paying sales charges on purchases of Class A Shares of the Funds.
Effective August 1, 1997, no sales charge is assessed on purchases by customers
of Harris Trust and Savings Bank ("Harris Trust") and its affiliates.
HARRIS INSIGHT INTERNATIONAL FUND
INVESTMENT SUB-ADVISER
A meeting of shareholders of the International Fund has been scheduled for
August 6, 1997 for the purpose of approving the appointment of Hansberger Global
Investors, Inc. ("Hansberger") as the Fund's investment sub-adviser. Upon
shareholder approval (or shortly thereafter), Hansberger will assume investment
management responsibilities for the Fund pursuant to an investment sub-advisory
contract between Hansberger and Harris Investment Management, Inc. ("HIM"), the
portfolio management agent for the International Fund (the "Sub-Advisory
Contract").
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.
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.
HARRIS INSIGHT MONEY MARKET FUNDS
CHECKWRITING
The Harris Insight Money Market Fund, the Government Money Market Fund and the
Tax-Exempt Money Market Funds 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.
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
Institutional Shares
SUPPLEMENT DATED AUGUST 1, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
HARRIS INSIGHT INTERNATIONAL FUND
INVESTMENT SUB-ADVISER
A meeting of shareholders of the International Fund has been scheduled for
August 6, 1997 for the purpose of approving the appointment of Hansberger Global
Investors, Inc. ("Hansberger") as the Fund's investment sub-adviser. Upon
shareholder approval (or shortly thereafter), Hansberger will assume investment
management responsibilities for the Fund pursuant to an investment sub-advisory
contract between Hansberger and Harris Investment Management, Inc. ("HIM"), the
portfolio management agent for the International Fund (the "Sub-Advisory
Contract").
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.
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.
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
Class A Shares
SUPPLEMENT DATED AUGUST 1, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
CHECKWRITING
The Harris Insight Money Market Fund, the Government Money Market Fund and the
Tax-Exempt Money Market Funds 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.
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT CONVERTIBLE FUND
SUPPLEMENT DATED AUGUST 1, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
As described on page 15 of the Prospectus, certain classes of investors are
exempt from paying sales charges on purchases of shares of the Fund. Effective
August 1, 1997, no sales charge is assessed on purchases by customers of Harris
Trust and Savings Bank and its affiliates.
HARRIS INSIGHT(R) FUNDS
HARRIS INSIGHT HEMISPHERE FREE TRADE FUND
SUPPLEMENT DATED AUGUST 1, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
As described on page 20 of the Prospectus, certain classes of investors are
exempt from paying sales charges on purchases of Class A Shares of the Fund.
Effective August 1, 1997, no sales charge is assessed on purchases by customers
of Harris Trust and Savings Bank and its affiliates.
HARRIS INSIGHT(R) FUNDS
Harris Insight International Fund
Harris Insight Small-Cap Opportunity Fund
Harris Insight Small-Cap Value Fund
Harris Insight Growth Fund
Harris Insight Equity Fund
Harris Insight Equity Income Fund
Harris Insight Index Fund
Harris Insight Balanced Fund
Harris Insight Convertible Securities Fund
Harris Insight Tax-Exempt Bond Fund
Harris Insight Bond Fund
Harris Insight Intermediate Tax-Exempt Bond Fund
Harris Insight Short/Intermediate Bond Fund
Harris Insight Intermediate Government Bond Fund
Harris Insight Tax-Exempt Money Market Fund
Harris Insight Money Market Fund
Harris Insight Government Money Market Fund
SUPPLEMENT DATED AUGUST 1, 1997 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
The following is added to the discussion contained under "Management -
Investment Adviser and Portfolio Management Agent."
Harris Trust and Savings Bank ("Harris Trust") may from time to time offer
programs under which it may make contributions to certain organizations based on
shares of the Funds held by members of the organizations and in an amount up to
0.10% of the value of those shares. These contributions are expenses of Harris
Trust and are not Fund expenses, and thus will not affect Fund performance.
HARRIS INSIGHT(R) FUNDS
Harris Insight Convertible Fund
SUPPLEMENT DATED AUGUST 1, 1997 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
The following is added to the discussion contained under "Management -
Investment Adviser and Portfolio Management Agent."
Harris Trust and Savings Bank ("Harris Trust") may from time to time offer
programs under which it may make contributions to certain organizations based on
shares of the Fund held by members of the organizations and in an amount up to
0.10% of the value of those shares. These contributions are expenses of Harris
Trust and are not Fund expenses, and thus will not affect Fund performance.
HARRIS INSIGHT(R) FUNDS
Harris Insight Hemisphere Free Trade Fund
SUPPLEMENT DATED AUGUST 1, 1997 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
The following is added to the discussion contained under "Management -
Investment Adviser, Portfolio Management Agent and Investment Sub-Advisers."
Harris Trust and Savings Bank ("Harris Trust") may from time to time offer
programs under which it may make contributions to certain organizations based on
shares of the Fund held by members of the organizations and in an amount up to
0.10% of the value of those shares. These contributions are expenses of Harris
Trust and are not Fund expenses, and thus will not affect Fund performance.
