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Rule 497(e)
Reg. No. 33-11371
File No. 811-4942
HEARTLAND SHORT DURATION HIGH-YIELD MUNICIPAL FUND
HEARTLAND HIGH-YIELD MUNICIPAL BOND FUND
SUPPLEMENT DATED MAY 30, 1997 TO
PROSPECTUS DATED JANUARY 2, 1997
Fee Waiver Extended
Heartland Advisors, Inc. has voluntarily committed to continue to waive the
entire management and Rule 12b-1 fees and to reimburse all other expenses for
the Heartland Short Duration High-Yield Municipal and High-Yield Municipal Bond
Funds through the remainder of 1997. As a result, the Funds will not incur any
operating expenses for 1997.
Effective January 1, 1998, Heartland Advisors will begin to reduce the amount
of this reimbursement and waiver each month by 0.15% on an annualized basis,
but will voluntarily reimburse the Funds to the extent that annual Total Fund
Operating Expenses would exceed 0.75% for the Short Duration High-Yield
Municipal Fund and 0.95% for the High-Yield Municipal Bond Fund. As a result,
each Fund will incur operating expenses in the month of January, 1998, of
0.15% on an annualized basis, which will increase monthly to a maximum of 0.75%
on an annualized basis by May of 1998 for the Short Duration High-Yield
Municipal Fund and 0.95% on an annualized basis by July of 1988 for the
High-Yield Municipal Bond Fund.
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HEARTLAND GROUP, INC.
FORM N-1A
CROSS-REFERENCE SHEET
TO POST-EFFECTIVE AMENDMENT NO. 28
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Form N-1A
Item No. Prospectus Heading
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PART A
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1. Cover Page.................................. Cover Page
2. Synopsis.................................... Fund Expenses: Prospectus Supplement Dated
May 30, 1997
3. Condensed Financial
Information................................. Not applicable
4. General Description of
Registrant.................................. Description of Fund Shares; Investment Objectives
and Policies; Elements of Fixed Income Investing;
Implementation of Policies and Risks; Appendix A-
Securities Ratings
5. Management of the Fund...................... The Funds and the Heartland Organization; How
to Buy Shares; Net Asset Value Calculation;
Portfolio Transactions
5A. Management's Discussion
of Fund Performance......................... Not applicable
6. Capital Stock and Other
Securities.................................. Description of Fund Shares; Dividends,
Distributions and Taxes; Shareholder Services
7. Purchase of Securities Being
Offered..................................... How to Buy Shares; Net Asset Value Calculation;
The Distribution Plan
8. Redemption or Repurchase.................... How to Redeem Shares
9. Pending Legal Proceedings................... None
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PART B
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10. Cover Page................................... Cover Page
11. Table of Contents............................ Cover Page
12. General Information and
History...................................... Introduction to the Funds
13. Investment Objectives and
Policies..................................... Investment Policies and Practices; Investment
Risks and Considerations; Investment Restrictions
14. Management of the Fund....................... Management
15. Control Persons and Principal
Holders of Securities ....................... Control Persons and Principal Holders of Securities
16. Investment Advisory and
Other Services............................... The Investment Advisor
17. Brokerage Allocation......................... Portfolio Transactions
18. Capital Stock and Other
Securities................................... Description of Shares
19. Purchase, Redemption and
Pricing of Securities
Being Offered................................ Determination of Net Asset Value Per Share
20. Tax Status................................... Tax Status
21. Underwriters................................. Distribution of Shares
22. Calculation of Performance
Data......................................... Performance Information
23. Financial Statements......................... Not applicable
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