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Rule 497(e)
Registration No. 33-11371
File No. 811-4982
HEARTLAND FUNDS
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 August 11, 2000
to
Prospectus Dated June 9, 2000
On August 3, 2000, Heartland Advisors, Inc. (the "Advisor"), investment
advisor and distributor for the Heartland Funds, was reorganized. As of the
close of business on that date, all of the stock of the Advisor, wholly owned by
its employee shareholders, was exchanged for stock in a new parent company,
Heartland Holdings, Inc. As a result of the reorganization, the Advisor is now a
wholly owned subsidiary of Heartland Holdings, Inc., and is indirectly owned by
its employees. However, the reorganization did not result in a change of
management or control of the Advisor, nor any affect on its operations.
Short Duration High-Yield Municipal Fund and High-Yield Municipal Bond
Fund. In order to mitigate fluctuations in the Fund's distribution rate in the
near-term, the Advisor has voluntarily undertaken to reimburse Fund expenses and
waive fees paid to it by the Fund in addition to the expenses reimbursed and
fees waived under the undertaking described on page 16 of the Prospectus. These
undertakings may be terminated or revised by the Advisor at any time. Beginning
with the August payment, the Advisor will reimburse expenses and waive fees in
such amounts to ensure the following monthly income distribution rate:
Short Duration High-Yield Municipal Fund $0.04410 per share
High Yield Municipal Bond Fund $0.04625 per share
1.800.HEARTLN (1.800.432.7856)
www.heartlandfunds.com
