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HEARTLAND VALUE FUND
HEARTLAND VALUE PLUS FUND
Supplement dated June 29, 1999
to
Prospectus dated May 1, 1999
Early Redemption Fee - Value Fund and Value Plus Fund Only (page 49). Effective
October 1, 1999, upon the redemption or exchange of shares held less than 270
days, a fee of 1% of the current net asset value of the shares will be assessed
and 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 shares purchased 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 income or capital gain dividend
reinvestment in the Fund or in another Heartland Fund or the Firstar
Money Market Fund; and
(c) shares redeemed under 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 recordkeeper 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.
