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Rule 497(e)
Reg. No. 33-11371
File No. 811-4942
HEARTLAND SMALL CAP CONTRARIAN FUND
HEARTLAND VALUE FUND
HEARTLAND MID CAP VALUE FUND
HEARTLAND LARGE CAP VALUE FUND
HEARTLAND VALUE PLUS FUND
HEARTLAND U.S. GOVERNMENT SECURITIES FUND
Supplement dated July 14, 1997 to
Prospectus dated March 31, 1997
Portfolio Co-Manager Changes
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Effective immediately, Patrick J. Retzer will join William J. Nasgovitz as a co-
manager of the Heartland Value Plus Fund. Mr. Retzer, Senior Vice President,
Treasurer and Director of Fixed Income of Heartland Advisors, will replace
Ronald B. Saba as co-manager. Mr. Retzer has managed or co-managed the Heartland
U.S. Government Securities Fund since October of 1988 and has been Vice
President and Treasurer of Heartland Group, Inc., since 1987, a Director of
Heartland Advisors since 1988 and a Director of Heartland Group since 1993. Mr.
Retzer has also served as a portfolio manager for balanced account portfolios
for Heartland Advisors' private advisory clients. In addition, effective
immediately, Eric J. Miller will join William J. Nasgovitz as co-manager of the
Heartland Value Fund. Mr. Miller, a Senior Vice President, has been with
Heartland Advisors since 1994, serving as a research analyst and portfolio
manager for advisory clients. Prior to joining Heartland Advisors, Mr. Miller
had been with American Appraisal Associates, Inc. since 1986, serving as Vice
President, Head of U.S. Appraisal Operations from 1992.
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HEARTLAND GROUP, INC.
FORM N-1A
CROSS-REFERENCE SHEET
TO POST-EFFECTIVE AMENDMENT NO. 30
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Form N-1A
Item No. Prospectus Heading
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PART A
1. Cover Page.......................... Cover Page
2. Synopsis............................ Fund Expenses
3. Condensed Financial
Information......................... Financial Highlights
4. General Description of
Registrant.......................... Description of Fund Shares;
Investment Objectives and Policies
5. Management of the Fund.............. The Funds and the Heartland
Organization; How to Buy Shares;
Net Asset Value Calculation;
Portfolio Transactions; Prospectus
Supplement Dated July 14, 1997
5A. Management's Discussion
of Fund Performance................. Not applicable. See Annual Report
6. Capital Stock and Other
Securities.......................... Description of Fund Shares;
Dividends, Capital Gains
Distributions and Taxes;
Shareholder Services
7. Purchase of Securities Being
Offered............................. How to Buy Shares; Net Asset Value
Calculation; How to Redeem Shares
8. Redemption or Repurchase............ How to Redeem Shares
9. Pending Legal Proceedings........... None
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PART B
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10. Cover Page............................... Cover Page
11. Table of Contents........................ Cover Page
12. General Information and
History.................................. Introduction to the Funds
13. Investment Objectives and
Policies................................. Investment Policies and Methods; Investment
Restrictions; Appendix A - Securities Ratings
14. Management of the Fund................... Management
15. Control Persons and Principal
Holders of Securities.................... Control Persons and Principal Holders of Securities
16. Investment Advisory and
Other Services........................... The Investment Advisor
17. Brokerage Allocation..................... Portfolio Transactions
18. Capital Stock and Other
Securities............................... Description of Shares
19. Purchase, Redemption and
Pricing of Securities
Being Offered............................ Determination of Net Asset Value Per Share
20. Tax Status............................... Tax Status
21. Underwriters............................. Distribution of Shares
22. Calculation of Performance
Data..................................... Performance Information
23. Financial Statements..................... Financial Statements
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