HARRIS INSIGHT FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
A SHARES
Supplement dated November 23, 1999
to the Prospectuses dated May 3, 1999
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
FEES AND EXPENSES OF THE HARRIS INSIGHT EQUITY FUNDS.
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets,
expressed as a % of average net assets)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Equity Small-Cap Small-Cap Emerging
Balanced Income Equity Growth Value Opportunity Internationl Markets
Fund Fund Fund Fund Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees1 0.60% 0.70% 0.70% 0.90% 0.80% 1.00% 1.05% 1.25%
- --------------------------------------------------------------------------------------------------------------
Rule 12b-1 Fees2 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35
- --------------------------------------------------------------------------------------------------------------
Other Expenses 0.38 0.26 0.19 0.21 0.25 0.21 0.28 0.83
- --------------------------------------------------------------------------------------------------------------
Total Operating Expenses1 1.33% 1.31% 1.24% 1.46% 1.40% 1.56% 1.68% 2.43%
- --------------------------------------------------------------------------------------------------------------
1 Expenses are based on amounts incurred by the Funds during their most recent
fiscal year but do not reflect advisory fees waived by Harris Trust. After
these waivers, actual Fund advisory fees and total operating expenses for
the fiscal year ended December 31, 1998 were:
<CAPTION>
Equity Small-Cap Small-Cap Emerging
Balanced Income Equity Growth Value Opportunity Internationl Markets
Fund Fund Fund Fund Fund Fund Fund Fund
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees 0.50% 0.67% 0.70% 0.89% 0.74% .99% 1.05% .92%
--------------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.23% 1.28% 1.24% 1.45% 1.34% 1.55% 1.68% 2.10%
--------------------------------------------------------------------------------------------------------------
</TABLE>
2 Commencing October 1, 1999, Harris Trust has reduced Rule 12b-1 Fees for the
Equity Funds to 0.25% of average net assets. Those fee reductions can be
changed or terminated at any time at the option of Harris Trust. If those
fee reductions had been in effect for the fiscal year ended December 31,
1998, the total operating expenses for each of the Equity Funds (expressed
as a percentage of average net assets) for that fiscal year end would have
been as follows: Balanced Fund 1.23%; Equity Income Fund 1.21%; Equity Fund
1.14%; Growth Fund 1.36%; Small-Cap Value Fund 1.30%; Small -Cap Opportunity
Fund 1.46%; International Fund 1.58%; and Emerging Markets Fund 2.33%.
<PAGE>
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
FEES AND EXPENSES OF THE HARRIS INSIGHT FIXED INCOME FUNDS.
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets,
expressed as a % of average net assets)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees1 0.70% 0.60% 0.65% 0.60% 0.70% 0.65%
- --------------------------------------------------------------------------------------------------------------
Rule 12b-1 Fees 0.25 0.25 0.25 0.25 0.25 0.25
- --------------------------------------------------------------------------------------------------------------
Other Expenses 0.31 0.20 0.23 0.20 0.20 0.26
- --------------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.26% 1.05% 1.13% 1.05% 1.15% 1.16%
- --------------------------------------------------------------------------------------------------------------
1 Expenses are based on amounts incurred by the Funds during their most recent
fiscal year but do not reflect advisory fees waived by Harris Trust. After
these waivers, actual Fund advisory fees and total operating expenses for the
fiscal year ended December 31, 1998 were:
<CAPTION>
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees 0.61% 0.59% 0.37% 0.60% 0.40% 0.24%
--------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.17% 1.04% 0.85% 1.05% 0.85% 0.75%
--------------------------------------------------------------------------------------------------------
</TABLE>
2 Commencing October 18, 1999, Harris Trust has waived its entire advisory fee
for the Tax-Exempt Bond Fund and the Intermediate Tax-Exempt Bond Fund. Those
waivers can be reduced or terminated at any time at the option of Harris
Trust. If those fee waivers had been in effect for the fiscal year ended
December 31, 1998, the total operating expenses for each of the Tax-Exempt
Bond Fund and the Intermediate Tax-Exempt Bond Fund (expressed as a
percentage of average net assets) for that year end would have been 0.45%.
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
SHAREHOLDER SERVICES - HOW TO BUY SHARES - CHOOSE YOUR INVESTMENT AMOUNT.
<TABLE>
<CAPTION>
Minimum Per Fund
<S> <C>
To open a regular account $1,000
To open a retirement account $250
To open an account using the Automatic Investment Plan $50
To add to an existing account $50
</TABLE>
THE FOLLOWING TABLES AND TEXT REPLACE THE CORRESPONDING TABLES AND TEXT UNDER
THE SECTION ENTITLED SHAREHOLDER SERVICES - HOW TO BUY SHARES - SALES CHARGES.
<TABLE>
<CAPTION>
EQUITY FUNDS
SALES CHARGE AS A % OF DEALER ALLOWANCE AS % OF
AMOUNT OF PURCHASE SALES CHARGES NET AMOUNT INVESTED OFFERING PRICE
<S> <C> <C> <C>
Less than $50,000 5.50% 5.82% 5.00%
$50,000 - $99,999 4.50 4.71 4.00
$100,000 - $249,999 3.50 3.63 3.25
$250,000 - $499,999 2.50 2.56 2.25
$500,000 - $999,999 2.00 2.04 1.75
$1,000,000 - $1,999,999 0.00 0.00 1.00
$2,000,000 - $2,999,999 0.00 0.00 0.80
$3,000,000 - $49,999,999 0.00 0.00 0.50
$50,000,000 - $99,999,999 0.00 0.00 0.25
$100,000,000 and over 0.00 0.00 0.15
CONVERTIBLE SECURITIES FUND, TAX-EXEMPT BOND FUND AND BOND FUND
<CAPTION>
SALES CHARGE AS A % OF DEALER ALLOWANCE AS % OF
AMOUNT OF PURCHASE SALES CHARGES NET AMOUNT INVESTED OFFERING PRICE
<S> <C> <C> <C>
Less than $50,000 4.50% 4.71% 4.25%
$50,000 - $99,999 4.25 4.43 4.00
$100,000 - $249,999 3.50 3.63 3.25
$250,000 - $499,999 2.50 2.56 2.25
$500,000 - $999,999 2.00 2.04 1.75
$1,000,000 - $1,999,999 0.00 0.00 1.00
$2,000,000 - $2,999,999 0.00 0.00 0.80
$3,000,000 - $49,999,999 0.00 0.00 0.50
$50,000,000 - $99,999,999 0.00 0.00 0.25
$100,000,000 and over 0.00 0.00 0.15
2
<PAGE>
INTERMEDIATE TAX-EXEMPT BOND FUND, SHORT/INTERMEDIATE BOND FUND AND
INTERMEDIATE GOVERNMENT BOND FUND
<CAPTION>
SALES CHARGE AS A % OF DEALER ALLOWANCE AS % OF
AMOUNT OF PURCHASE SALES CHARGES NET AMOUNT INVESTED OFFERING PRICE
<S> <C> <C> <C>
Less than $50,000 3.50% 3.63% 3.25%
$50,000 - $99,999 3.25 3.36 3.00
$100,000 - $249,999 2.50 2.56 2.25
$250,000 - $499,999 2.00 2.04 1.75
$500,000 - $999,999 1.50 1.52 1.25
$1,000,000 - $1,999,999 0.00 0.00 1.00
$2,000,000 - $2,999,999 0.00 0.00 0.80
$3,000,000 - $49,999,999 0.00 0.00 0.50
$50,000,000 - $99,999,999 0.00 0.00 0.25
$100,000,000 and over 0.00 0.00 0.15
</TABLE>
No sales charge is assessed on purchases by:
o Any bank, trust company or other institution acting on behalf of a fiduciary
customer account or any other trust account (including plans under Section
401 of the Internal Revenue Code)
o Any individual with an investment account or relationship with HIM
o Trustees or directors of the Funds
The Distributor reallows to dealers purchasing at least one million dollars of
Fund shares on behalf of certain retirement accounts at rates from 0.15 to 1.00%
of the amount invested.
THE FOLLOWING TEXT REPLACES THE SECTION ENTITLED SHAREHOLDER SERVICES -
ADDITIONAL SHAREHOLDER SERVICES AND INFORMATION - EXCHANGING SHARES.
EXCHANGING SHARES
You may exchange your A Shares of a Fund for A Shares of any other Harris
Insight Fund or for N Shares of any Harris Insight Money Market Fund without a
sales charge, provided that:
o Your A shares have been held for at least seven days
o Your account registration stays the same
o The shares you wish to buy are registered for sale in your home state
3
<PAGE>
Your N Shares of a Harris Insight Money Market Fund purchased through an
exchange of A Shares of a Fund may be exchanged for and invested in A Shares of
any Harris Insight Fund without a sales charge. However, any Harris Insight
Money Market Fund N Shares purchased other than through an exchange of A Shares
of a Fund, and any Harris Insight Money Market Funds N Shares attributable to
dividends and interest earned on an exchange investment from A Shares may be
exchanged for and invested in A Shares of any Harris Insight Fund only subject
to the then-applicable sales charge.
The Harris Insight Money Market Funds N Shares are available through a separate
prospectus.
Each Fund reserves the right to terminate temporarily or permanently the
exchange privilege of any investor who makes more than four exchanges out of a
Fund in a calendar year. Accounts under common ownership or control, including
accounts with the same taxpayer identification number, will be counted together
for purposes of the four-exchange limit. Also, each Fund reserves the right to
modify or discontinue the exchange privilege for any reason, upon 60 days
written notice.
Each Fund reserves the right to refuse an exchange by any person or group if, in
Harris Trust's judgment, the Fund to be purchased would be unable to invest the
money effectively in accordance with its investment objective and policies or
otherwise might be adversely affected.
The exchange limit may be modified for accounts in certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your plan materials for further information.
The procedures that apply to redeeming shares also apply to exchanging shares.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPHS UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT EQUITY
FUNDS.
SMALL-CAP OPPORTUNITY FUND - Paul Kleinaitis. Mr. Kleinaitis joined HIM in 1999
and serves as Principal and Portfolio Manager. He was appointed portfolio
manager of the Fund effective October 1,1999 and has 12 years of experience in
portfolio management and investment research. Prior to joining HIM, he served as
a portfolio manager and sell-side equity analyst for a brokerage and investment
management firm, where he managed small company growth portfolios.
SMALL-CAP VALUE FUND - John K. Tesseo. Mr. Tesseo joined HIM in 1999 and serves
as Principal and Portfolio Manager. He was appointed portfolio manager of the
Fund effective October 1, 1999 and has 8 years of experience in portfolio
management and investment research. Prior to joining HIM, he served as portfolio
manager and director of equity research for a brokerage and investment
management firm, managing mutual funds and institutional and individual
accounts. Previously, he was a systems engineer for a large software company,
consulting on and developing products for financial institutions.
4
<PAGE>
GROWTH FUND - T. Andrews Janes. Mr. Janes joined HIM in 1999 and serves as
Partner and Portfolio Manager. He was appointed portfolio manager of the Fund
effective May 28, 1999 and has 13 years of experience in portfolio management,
investment research and trust administration. Prior to joining HIM, he served as
portfolio manager for a large banking institution, managing mutual funds and
institutional accounts.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPH UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT FIXED
INCOME FUNDS.
CONVERTIBLE SECURITIES FUND - Jon D. Thanos. Mr. Thanos joined HIM in 1996 and
serves as Principal and Portfolio Manager. He was appointed portfolio manager of
the Fund effective July 21, 1999 and has seven years' experience in portfolio
management and trading. Mr. Thanos is also the portfolio manager of the Index
Fund. Prior to joining HIM, he served as trader for an options market-making
firm.
<PAGE>
HARRIS INSIGHT FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
N SHARES
Supplement dated November 23, 1999
to the Prospectuses dated May 3, 1999
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
FEES AND EXPENSES OF THE HARRIS INSIGHT FIXED INCOME FUNDS.
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets,
expressed as a % of average net assets)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees1 0.70% 0.60% 0.65% 0.60% 0.70% 0.65%
- --------------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25 0.25 0.25 0.25 0.25 0.25
- --------------------------------------------------------------------------------------------------------------
Other Expenses 0.31 0.20 0.23 0.20 0.20 0.26
- --------------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.26% 1.05% 1.13% 1.05% 1.15% 1.16%
- --------------------------------------------------------------------------------------------------------------
1 Expenses are based on amounts incurred by the Funds during their most recent
fiscal year but do not reflect advisory fees waived by Harris Trust. After
these waivers, actual Fund advisory fees and total operating expenses for the
fiscal year ended December 31, 1998 were:
<CAPTION>
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees 0.61% 0.59% 0.37% 0.60% 0.40% 0.24%
--------------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.17% 1.04% 0.85% 1.05% 0.85% 0.75%
--------------------------------------------------------------------------------------------------------------
</TABLE>
2 Commencing October 18, 1999, Harris Trust has waived its entire advisory fee
for the Tax-Exempt Bond Fund and the Intermediate Tax-Exempt Bond Fund. Those
waivers can be reduced or terminated at any time at the option of Harris
Trust. If those fee waivers had been in effect for the fiscal year ended
December 31, 1998, the total operating expenses for each of the Tax-Exempt
Bond Fund and the Intermediate Tax-Exempt Bond Fund (expressed as a
percentage of average net assets) for that year end would have been 0.45%.
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
HARRIS INSIGHT EQUITY FUNDS - BALANCED FUND - AVERAGE ANNUAL TOTAL RETURN.
<TABLE>
<CAPTION>
Average Annual Total Return
(as of 12/31/98)
1 Year Inception (4/16/97)
<S> <C> <C>
Balanced Fund 8.29% 17.47%
S&P 500 Stock Index 28.58% 30.43%
Lehman Brothers Aggregate Bond Index 8.67% 10.18%
</TABLE>
<PAGE>
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
SHAREHOLDER SERVICES - HOW TO BUY SHARES - CHOOSE YOUR INVESTMENT AMOUNT.
<TABLE>
<CAPTION>
Minimum Per Fund
<S> <C>
To open a regular account $1,000
To open a retirement account $250
To open an account using the Automatic Investment Plan $50
To add to an existing account $50
</TABLE>
THE FOLLOWING TEXT REPLACES THE SECTION ENTITLED SHAREHOLDER SERVICES -
ADDITIONAL SHAREHOLDER SERVICES AND INFORMATION - EXCHANGING SHARES.
EXCHANGING SHARES
You may exchange your N Shares of any Money Market Fund for N Shares of any
other Harris Insight Fund without a sales charge, provided that:
o Your N Shares have been held for at least seven days
o Your account registration stays the same
o The shares you wish to buy are registered for sale in your home state
Your N Shares of a Harris Insight Money Market Fund purchased through an
exchange of A Shares of a Fund may be exchanged for and invested in A Shares of
any Harris Insight Fund without a sales charge. However, any Harris Insight
Money Market Fund N Shares purchased other than through an exchange of A Shares
of a Fund, and any Harris Insight Money Market Funds N Shares attributable to
dividends and interest earned on an exchange investment from A Shares may be
exchanged for and invested in A Shares of any Harris Insight Fund only subject
to the then-applicable sales charge.
The Harris Insight Funds A Shares are available through a separate prospectus.
Each Fund reserves the right to terminate temporarily or permanently the
exchange privilege of any investor who makes more than four exchanges out of a
Fund in a calendar year. Accounts under common ownership or control, including
accounts with the same taxpayer identification number, will be counted together
for purposes of the four-exchange limit. Also, each Fund reserves the right to
modify or discontinue the exchange privilege for any reason, upon 60 days
written notice.
Each Fund reserves the right to refuse an exchange by any person or group if, in
Harris Trust's judgment, the Fund to be purchased would be unable to invest the
money effectively in accordance with its investment objective and policies or
otherwise might be adversely affected.
2
<PAGE>
The exchange limit may be modified for accounts in certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your plan materials for further information.
The procedures that apply to redeeming shares also apply to exchanging shares.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPHS UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT EQUITY
FUNDS.
SMALL-CAP OPPORTUNITY FUND - Paul Kleinaitis. Mr. Kleinaitis joined HIM in 1999
and serves as Principal and Portfolio Manager. He was appointed portfolio
manager of the Fund effective October 1,1999 and has 12 years of experience in
portfolio management and investment research. Prior to joining HIM, he served as
a portfolio manager and sell-side equity analyst for a brokerage and investment
management firm, where he managed small company growth portfolios.
SMALL-CAP VALUE FUND - John K. Tesseo. Mr. Tesseo joined HIM in 1999 and serves
as Principal and Portfolio Manager. He was appointed portfolio manager of the
Fund effective October 1, 1999 and has 8 years of experience in portfolio
management and investment research. Prior to joining HIM, he served as portfolio
manager and director of equity research for a brokerage and investment
management firm, managing mutual funds and institutional and individual
accounts. Previously, he was a systems engineer for a large software company,
consulting on and developing products for financial institutions.
GROWTH FUND - T. Andrews Janes. Mr. Janes joined HIM in 1999 and serves as
Partner and Portfolio Manager. He was appointed portfolio manager of the Fund
effective May 28, 1999 and has 13 years of experience in portfolio management,
investment research and trust administration. Prior to joining HIM, he served as
portfolio manager for a large banking institution, managing mutual funds and
institutional accounts.
INDEX FUND - Jon D. Thanos. Mr. Thanos joined HIM in 1996 and serves as
Principal and Portfolio Manager. He was appointed portfolio manager of the Fund
effective October 1, 1999 and has 7 years of experience in portfolio management
and trading. Mr. Thanos is also the portfolio manager of the Convertible
Securities Fund. Prior to joining HIM, he served as trader for an options
market-making firm.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPH UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT FIXED
INCOME FUNDS.
CONVERTIBLE SECURITIES FUND - Jon D. Thanos. Mr. Thanos joined HIM in 1996 and
serves as Principal and Portfolio Manager. He was appointed portfolio manager of
the Fund effective July 21, 1999 and has seven years' experience in portfolio
management and trading. Mr. Thanos is also the portfolio manager of the Index
Fund. Prior to joining HIM, he served as trader for an options market-making
firm.
3
<PAGE>
HARRIS INSIGHT FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
MONEY MARKET FUND N SHARES
Supplement dated November 23, 1999
to the Prospectuses dated May 3, 1999
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
SHAREHOLDER SERVICES - HOW TO BUY SHARES - CHOOSE YOUR INVESTMENT AMOUNT.
<TABLE>
<CAPTION>
Minimum Per Fund
<S> <C>
To open a regular account $1,000
To open a retirement account $250
To open an account using the Automatic Investment Plan $50
To add to an existing account $50
</TABLE>
THE FOLLOWING TEXT REPLACES THE SECTION ENTITLED SHAREHOLDER SERVICES -
ADDITIONAL SHAREHOLDER SERVICES AND INFORMATION - EXCHANGING SHARES.
EXCHANGING SHARES
You may exchange your N Shares of any Money Market Fund for N Shares of any
other Harris Insight Fund without a sales charge, provided that:
o Your N Shares have been held for at least seven days
o Your account registration stays the same
o The shares you wish to buy are registered for sale in your home state
Your N Shares of a Harris Insight Money Market Fund purchased through an
exchange of A Shares of a Fund may be exchanged for and invested in A Shares of
any Harris Insight Fund without a sales charge. However, any Harris Insight
Money Market Fund N Shares purchased other than through an exchange of A Shares
of a Fund, and any Harris Insight Money Market Funds N Shares attributable to
dividends and interest earned on an exchange investment from A Shares may be
exchanged for and invested in A Shares of any Harris Insight Fund only subject
to the then-applicable sales charge.
The Harris Insight Funds A Shares are available through a separate prospectus.
Each Fund reserves the right to terminate temporarily or permanently the
exchange privilege of any investor who makes more than four exchanges out of a
Fund in a calendar year. Accounts under common ownership or control, including
accounts with the same taxpayer identification number, will be counted together
for purposes of the
<PAGE>
four-exchange limit. Also, each Fund reserves the right to modify or discontinue
the exchange privilege for any reason, upon 60 days written notice.
Each Fund reserves the right to refuse an exchange by any person or group if, in
Harris Trust's judgment, the Fund to be purchased would be unable to invest the
money effectively in accordance with its investment objective and policies or
otherwise might be adversely affected.
The exchange limit may be modified for accounts in certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your plan materials for further information.
The procedures that apply to redeeming shares also apply to exchanging shares.
<PAGE>
HARRIS INSIGHT FUNDS
HARRIS INSIGHT EQUITY FUNDS
HARRIS INSIGHT FIXED INCOME FUNDS
HARRIS INSIGHT MONEY MARKET FUNDS
INSTITUTIONAL SHARES
Supplement dated November 23, 1999
to the Prospectuses dated May 3, 1999
THE FOLLOWING TABLE REPLACES THE CORRESPONDING TABLE UNDER THE SECTION ENTITLED
FEES AND EXPENSES OF THE HARRIS INSIGHT FIXED INCOME FUNDS.
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets,
expressed as a % of average net assets)
- --------------------------------------------------------------------------------------------------------------
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees1 0.70% 0.60% 0.65% 0.60% 0.70% 0.65%
- --------------------------------------------------------------------------------------------------------------
Other Expenses 0.31 0.20 0.23 0.20 0.20 0.26
- --------------------------------------------------------------------------------------------------------------
Total Operating Expenses 1.01% 0.80% 0.88% 0.80% 0.90% 0.91%
- --------------------------------------------------------------------------------------------------------------
1 Expenses are based on amounts incurred by the Funds during their most recent
fiscal year but do not reflect advisory fees waived by Harris Trust. After
these waivers, actual Fund advisory fees and total operating expenses for the
fiscal year ended December 31, 1998 were:
<CAPTION>
Convertible Intermediate Short/ Intermediate
Securities Tax-Exempt Bond Tax-Exempt Intermediate Government
Fund Bond Fund2 Fund Bond Fund2 Bond Fund Bond Fund
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory Fees 0.61% 0.59% 0.37% 0.60% 0.40% 0.24%
--------------------------------------------------------------------------------------------------------------
Total Operating Expenses 0.92% 0.79% 0.60% 0.80% 0.60% 0.50%
--------------------------------------------------------------------------------------------------------------
</TABLE>
2 Commencing October 18, 1999, Harris Trust has waived its entire advisory fee
for the Tax-Exempt Bond Fund and the Intermediate Tax-Exempt Bond Fund. Those
waivers can be reduced or terminated at any time at the option of Harris
Trust. If those fee waivers had been in effect for the fiscal year ended
December 31, 1998, the total operating expenses for each of the Tax-Exempt
Bond Fund and the Intermediate Tax-Exempt Bond Fund (expressed as a
percentage of average net assets) for that year end would have been 0.20%.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPHS UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT EQUITY
FUNDS.
SMALL-CAP OPPORTUNITY FUND - Paul Kleinaitis. Mr. Kleinaitis joined HIM in 1999
and serves as Principal and Portfolio Manager. He was appointed portfolio
manager of the Fund effective October 1,1999 and has 12 years of experience in
portfolio management and investment research. Prior to joining HIM, he served as
a portfolio manager and sell-side equity analyst for a brokerage and investment
management firm, where he managed small company growth portfolios.
<PAGE>
SMALL-CAP VALUE FUND - John K. Tesseo. Mr. Tesseo joined HIM in 1999 and serves
as Principal and Portfolio Manager. He was appointed portfolio manager of the
Fund effective October 1, 1999 and has 8 years of experience in portfolio
management and investment research. Prior to joining HIM, he served as portfolio
manager and director of equity research for a brokerage and investment
management firm, managing mutual funds and institutional and individual
accounts. Previously, he was a systems engineer for a large software company,
consulting on and developing products for financial institutions.
GROWTH FUND - T. Andrews Janes. Mr. Janes joined HIM in 1999 and serves as
Partner and Portfolio Manager. He was appointed portfolio manager of the Fund
effective May 28, 1999 and has 13 years of experience in portfolio management,
investment research and trust administration. Prior to joining HIM, he served as
portfolio manager for a large banking institution, managing mutual funds and
institutional accounts.
INDEX FUND - Jon D. Thanos. Mr. Thanos joined HIM in 1996 and serves as
Principal and Portfolio Manager. He was appointed portfolio manager of the Fund
effective October 1, 1999 and has 7 years of experience in portfolio management
and trading. Mr. Thanos is also the portfolio manager of the Convertible
Securities Fund. Prior to joining HIM, he served as trader for an options
market-making firm.
THE FOLLOWING TEXT REPLACES THE CORRESPONDING PARAGRAPH UNDER THE SECTION
ENTITLED PORTFOLIO MANAGERS - PORTFOLIO MANAGERS OF THE HARRIS INSIGHT FIXED
INCOME FUNDS.
CONVERTIBLE SECURITIES FUND - Jon D. Thanos. Mr. Thanos joined HIM in 1996 and
serves as Principal and Portfolio Manager. He was appointed portfolio manager of
the Fund effective July 21, 1999 and has seven years' experience in portfolio
management and trading. Mr. Thanos is also the portfolio manager of the Index
Fund. Prior to joining HIM, he served as trader for an options market-making
firm.
2
<PAGE>
HARRIS INSIGHT FUNDS
SUPPLEMENT DATED NOVEMBER 23, 1999
TO THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 3, 1999
The following paragraph is to be inserted as the last paragraph under the
section entitled "ADDITIONAL PURCHASE AND REDEMPTION INFORMATION":
For an additional administrative fee, a shareholder may participate in
the College In-Sight(R) Program. Through the program, a participating private
college or university reduces the undergraduate tuition for a student,
designated by the shareholder, in an amount based on the average value of
shareholder's fund account during the time the shareholder participates
in the Program. Participation in the Program may begin any time before the
designated student graduates from high school. However, no tuition reduction
rewards can be earned after June 30th of the student's high school graduation
year. Program details and an application are available from the Funds at the
address or telephone number shown in the Statement of Additional Information.
The following paragraph is to be inserted as the last paragraph under the
section entitled "INVESTMENT MANAGEMENT, DISTRIBUTION AND OTHER SERVICES -
INVESTMENT MANAGEMENT":
Harris Trust from time to time from its own resources may pay to
certain service organizations and financial intermediaries compensation for
their services in connection with investments in the Funds made by their
clients. Those payments are expenses of Harris Trust and are not Fund expenses,
and thus will not affect Fund performance.
