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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DISTRICT DURATION SECURITIES RECEIVER SHAREHOLDERS UNITED STATES EXCHANGE COMMISSION NORTHERN DISTRICT ILLINOIS APPOINTING HEARTLAND GROUP HIGH-YIELD MUNICIPAL BOND JUDGE LEFKOW COURT PARTIAL CASH DISTRIBUTION ACCORDING SALE HONORABLE JUDGE JOAN JUDGE JOAN HUMPHREY ORDER ENJOINING HEARTLAND VIOLATIONS INVESTMENT COMPANY ACT PROMULGATED THEREUNDER FREEZING ASSETS SUSPENDING REDEMPTIONS LIQUIDATING PLAN |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17247 / November 27, 2001
, Civil Action No. 01-C-1984 (Northern District of Illinois)
The Securities and Exchange Commission announced today that the
receiver previously appointed to administer Heartland Group, Inc.'s
High-Yield Municipal Bond Fund, Short Duration High-Yield Municipal
Fund and Taxable Short Duration Municipal Fund (collectively the
Funds) made a partial cash distribution of approximately $4 million to
shareholders in the High-Yield Municipal Bond Fund, $1.3 million to
shareholders in the Short Duration High-Yield Municipal Fund, and $1.8
million to shareholders in the Taxable Short Duration Municipal Fund.
According to the receiver, the distribution was made over a two-day
period on November 23 and 26, 2001 and resulted from the sale of
securities held by the Funds.
In March 2001, the Honorable Judge Joan Humphrey Lefkow of the United
States District Court for the Northern District of Illinois entered an
Order enjoining Heartland Group, Inc. from further violations of
Sections 30(b), (e) and (g) of the Investment Company Act and Rules
30b2-1, 30d-1(a) and 30d-1(c) promulgated thereunder; freezing the
assets of the Funds until further court order; and appointing a
receiver to manage the Funds, including, if appropriate, suspending
redemptions in and liquidating the Funds. On November 1, 2001 Judge
Lefkow approved the receiver's plan to engage in the partial
distribution described above.
_________________________________________________________________
Modified 11/27/2001
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