<PAGE>
Rule 497(e)
Registration No. 33-11371
File No. 811-4982
HEARTLAND WISCONSIN TAX FREE FUND
Supplement dated June 8, 2000
to
Prospectus dated May 1, 2000
Effective June 8, 2000, Greg D. Winston will be co-portfolio manager of the
Heartland Wisconsin Tax Free Fund (the "Fund"). Mr. Winston replaces Patrick J.
Retzer. Thomas J. Conlin will continue as co-portfolio manager of the Fund with
Mr. Winston.
In addition to his portfolio management responsibilities for the Fund, Mr.
Winston is co-portfolio manager of the Heartland Taxable Short Duration
Municipal Fund, Heartland Short Duration High-Yield Municipal Fund and Heartland
High-Yield Municipal Bond Fund, having managed those Funds since commencement of
their operations. Mr. Winston is a Chartered Financial Analyst (CFA) and a Vice
President and principal of Heartland Advisors. Mr. Winston has been managing
municipal investments since 1988.
<PAGE>
Rule 497(e)
Registration No. 33-11371
File No. 811-4982
HEARTLAND VALUE PLUS FUND
Supplement dated June 8, 2000
to
Prospectus dated May 1, 2000
Effective June 8, 2000, M. Gerard Sandel will be co-portfolio manager of
the Heartland Value Plus Fund (the "Fund"). Mr. Sandel replaces Patrick J.
Retzer. William J. Nasgovitz will continue as co-portfolio manager of the Fund
with Mr. Sandel.
In addition to his portfolio management responsibilities for the Fund, Mr.
Sandel serves as lead portfolio manager of the portfolio management team for the
Heartland Select Value Fund, with final authority over investment decisions. He
has been the Select Value Fund's lead portfolio manager since September 1999.
Mr. Sandel, a Chartered Financial Analyst (CFA), joined Heartland Advisors in
August 1999 as Senior Vice President and Director of Equity Research. He was
previously a Senior Vice President and principal of Stein Roe & Farnham
Incorporated and portfolio manager for institutional and mutual fund accounts
since July 1997. Prior to that time, Mr. Sandel was Vice President of M&I
Investment Management Corporation since October 1993, where he was a portfolio
manager for institutional and mutual fund accounts.
<PAGE>
Rule 497(e)
Registration No. 33-11371
File No. 811-4982
HEARTLAND GOVERNMENT FUND
Supplement dated June 8, 2000
to
Prospectus dated May 1, 2000
On June 8, 2000, the Board of Directors of Heartland Group, Inc. approved a
Plan of Liquidation for the Heartland Government Fund (the "Fund"). In approving
the Plan of Liquidation, the Board considered a number of factors, including the
difficulty experienced by the Fund in realizing economies of scale because of
its size and the intense competitive environment in which the Fund operates.
A special meeting of the Fund's shareholders has been scheduled for August
8, 2000. Subject to shareholder approval, the Fund's assets will be promptly
liquidated and the proceeds remaining after known liabilities are satisfied will
be distributed to shareholders. Details of the proposed transaction and other
information about the Plan of Liquidation will be set forth in a proxy statement
to be mailed to Fund shareholders in early July 2000.
Fund purchases will continue to be accepted through July 31, 2000, and
thereafter at the discretion of officers of the Fund. Redemptions will continue
to be accepted through the date of liquidation. Because the officers of the Fund
believe the level of redemption activity will be higher than normal through the
liquidation date, the Fund plans to hold a significant percentage of its assets
in cash and cash equivalents during this period, which is expected to reduce the
Fund's investment return.
Questions regarding this matter may be directed to Heartland Advisors at
1-800-432-7856 or 414-289-7000.
