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Rule 497(e)
Reg. No. 33-11371
File No. 811-4982
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 1998 for the
High-Yield Municipal Bond Fund.
