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Rule 497(e)
Registration No. 33-11371
File No. 811-4982
HEARTLAND GROUP, INC.
Select Value Fund
Value Plus Fund
Value Fund
Taxable Short Duration Municipal Fund
Short Duration High-Yield Municipal Fund
High-Yield Municipal Bond Fund
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Wisconsin Tax Free Fund
(available to Wisconsin residents only)
Supplement Dated September 28, 2000
to
Prospectus Dated June 9, 2000
Taxable Short Duration Municipal Fund, Short Duration High-Yield Municipal Fund,
High-Yield Municipal Bond Fund and Wisconsin Tax Free Fund.
On September 28, 2000, Philip J. Fiskow and Derek J. Pawlak became co-
portfolio managers with Greg D. Winston for the Taxable Short Duration Municipal
Fund, the Short Duration High-Yield Municipal Fund, the High-Yield Municipal
Bond Fund and the Wisconsin Tax Free Fund. Mr. Fiskow joined Heartland Advisors
on September 28th, as Senior Vice President and Director of Fixed Income. Prior
to joining Heartland Advisors, he had been Treasurer and Chief Investment
Officer for MMI Companies, Inc. since 1997, Senior Vice President and Chief
Investment Officer for Pioneer Financial Services, Inc., from 1991 to 1997, and
Senior Portfolio Manager for Asset Allocation and Management from 1988 to 1991.
Mr. Pawlak joined Heartland Advisors as a credit analyst in February 1998 and is
a Vice President. Prior to joining Heartland Advisors, he had been an Assistant
Vice President-Underwriting/Registration for the firm of B.C. Ziegler and
Company since April 1993, and a Vice President of its wholly owned subsidiary,
Ziegler, Mortgage Securities, Inc. Mr. Pawlak has been a credit analyst for
more than ten years, specializing in high yield securities for more than seven
years. Mr. Winston will continue as a co-portfolio manager of the Funds, having
previously served as co-manager with Thomas J. Conlin, who has resigned from
Heartland Advisors.
Short Duration High-Yield Municipal Fund, High-Yield Municipal Bond Fund. As of
October 2, 2000, the voluntary undertakings by Heartland Advisors to reimburse
expenses and waive fees described in the Prospectus Supplement dated August 11,
2000, is no longer be in effect. However the firm's undertakings described on
page 16 of the Prospectus to waive fees and/or reimburse expenses so that Fund
net annual operating expenses (excluding brokerage commissions, interest and
taxes) do not exceed the following percentages remain in effect: 0.75% of
average daily net assets for the Short Duration High-Yield Municipal Fund and
0.95% of average daily net assets for the High-Yield Municipal Bond Fund.
As previously disclosed, on August 3, 2000, Heartland Advisors, Inc. (the
"Advisor"), investment advisor and distributor for the Heartland Funds, was
reorganized. The Advisor is now a wholly owned subsidiary of Heartland Holdings,
Inc., and is indirectly owned by its employees. Previously, the Advisor had been
directly owned by its employees. The reorganization did not result in a change
of management or control of the Advisor, nor have any effect on its operations.
1.800.HEARTLN (1.800.432.7856)
www.heartlandfunds.com
