U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* Waveland Capital Management, L.P. Clincher Capital Corporation -------------------------------------------------------------------------------- (Last) (First) (Middle) 227 West Monroe, Suite 4800 -------------------------------------------------------------------------------- (Street) Chicago Illinois 60606 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Heartland Partners, L.P. (AMEX:HTL) ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year July 2001 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 10% Owner [_] Officer (give title below) [_] Other (specify below) ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [_] Form filed by one Reporting Person [X] Form filed by more than one Reporting Person ________________________________________________________________________________ Page 1 of 4 ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

(Print or Type Response) (Over) Page 2 of 4 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: WAVELAND Capital Management, L.P. By: Clincher Capital Corporation, as general partner /s/ David S. Richter August 10, 2001 --------------------------------------------- ----------------------- **Signature of Reporting Person Date David S. Richter, President ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 3 of 4 ATTACHMENT Pursuant to Rules 16a-1(a)(3) and 16a-3(j) of the Securities Exchange Act of 1934 and General Instruction 4(b)(v) of Form 4, the undersigned hereby execute this attachment as joint filers with respect to the foregoing Statement of Changes in Beneficial Ownership (Statement for July 2001 ) regarding certain Class A Limited Partnership Units of Heartland Partners, L.P. (AMEX: HTL): WAVELAND CAPITAL MANAGEMENT, L.P. 227 West Monroe, Suite 4800 Chicago, Illinois 60606 By: Clincher Capital Corporation Its: General Partner By: /s/ David S. Richter ---------------------------------- David S. Richter, President CLINCHER CAPITAL CORPORATION 227 West Monroe, Suite 4800 Chicago, Illinois 60606 By: /s/ David S. Richter ----------------------------------- David S. Richter, President Page 4 of 4

WAVELAND PARTNERS LP 4