<PAGE>
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 November 25, 1998
to
Prospectus dated May 1, 1998
Investment Reports.
Shareholder Reports. The Funds' portfolio managers review their strategies and
results in quarterly Value Reports. These reports also contain schedules of
investments and other financial data. If several members of a household own the
Fund, only one Value Report will be sent to that address. To receive additional
copies, please call Shareholder Services at 1-800-432-7856 or write to Heartland
Advisors at 790 North Milwaukee Street, Milwaukee, Wisconsin 53202.
Other Reports. Heartland Advisors also publishes and mails to shareholders News
& Views, a quarterly investment newsletter providing market analysis and
commentary. In addition, it publishes investment research pieces that are mailed
to shareholders periodically.
Investment Minimums. Each of the Funds may waive or lower its investment
minimums for any reason. Different minimums may apply to accounts opened through
third parties.
Questions may be directed to Heartland Advisors, Inc. at 1-800-432-7856 or (414)
289-7000.
<PAGE>
Rule 497(e)
Reg. No. 33-11371
File No. 811-4982
HEARTLAND WISCONSIN TAX FREE FUND
Supplement dated November 25, 1998
to
Prospectus dated May 1, 1998
Investment Reports.
Shareholder Reports. The Fund's portfolio managers review their strategies and
results in quarterly Value Reports. These reports also contain schedules of
investments and other financial data. If several members of a household own the
Fund, only one Value Report will be sent to that address. To receive additional
copies, please call Shareholder Services at 1-800-432-7856 or write to Heartland
Advisors at 790 North Milwaukee Street, Milwaukee, Wisconsin 53202.
Other Reports. Heartland Advisors also publishes and mails to shareholders News
& Views, a quarterly investment newsletter providing market analysis and
commentary. In addition, it publishes investment research pieces that are mailed
to shareholders periodically.
Investment Minimums. Each of the Funds may waive or lower its investment
minimums for any reason. Different minimums may apply to accounts opened through
third parties.
Questions may be directed to Heartland Advisors, Inc. at 1-800-432-7856 or (414)
289-7000.
