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HEARTLAND VALUE FUND
HEARTLAND VALUE PLUS FUND
SUPPLEMENT DATED AUGUST 2, 1999
TO
PROSPECTUS DATED MAY 1, 1999
EARLY REDEMPTION FEE - VALUE FUND AND VALUE PLUS FUND ONLY (PAGE 49).
Shares of the Value Fund or Value Plus Fund purchased on or after October 1,
1999 that are redeemed or exchanged in less than 270 days will be assessed a fee
of 1% of the current net asset value of the shares. This fee will be retained by
the Fund for the benefit of remaining shareholders to defray Fund portfolio
transaction expenses and facilitate portfolio management. This fee applies to
shares being redeemed or exchanged in the order in which they are purchased. The
Funds reserve the right to modify the terms of or terminate the fee at any time.
The fee is waived for Value Fund or Value Plus Fund shares purchased on
or after October 1, 1999 as follows:
(a) For an account registered as either an Individual
Retirement Account or a tax-qualified retirement plan
on the books of the Fund's transfer agent, Firstar
Mutual Fund Services, LLC, or on the books of certain
other third parties that are authorized agents of the
Fund;
(b) Shares purchased by automatic reinvestment of income
or capital gains distributions from the Fund, another
Heartland Fund or the Firstar Money Market Fund;
(c) Shares purchased through an automatic purchase plan
offered by the Fund; and
(d) Shares redeemed through an automatic redemption plan
offered by the Fund.
If you purchase shares through a broker-dealer or other financial
intermediary who maintains your individual account on its books and an omnibus
account with the Fund's transfer agent, your record keeper may not be able to
apply the fee waiver in all of the circumstances discussed above. Before
purchasing shares, please check with your account representative to determine if
the fee waiver is available.
