Court Freezes Assets of Three Heartland Group Funds

The Securities and Exchange Commission received an injunction against investment company Heartland Group for failing to disclose financial information on three of its funds.

A U.S. District Court in Illinois also froze the assets held in Heartland's High Yield Municipal Bond Fund (HRHYX Quote), Short Duration High-Yield Municipal Fund (HRSDX Quote) and Taxable Short Duration Municipal Fund (HRTMX Quote). A receiver will take control of the funds' assets, manage them, suspend redemptions and liquidate them if necessary. ...