# EDGAR Filing Document

**Accession Number:** 0000809586
**File Stem:** 0001104659-26-051174
**Filing Date:** 2026-4
**Character Count:** 654248
**Document Hash:** ae25d24a6dde0e1fcb98ccbe5fbcdb61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-051174.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001104659-26-051174

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEARTLAND GROUP INC
- **CENTRAL INDEX KEY:** 0000809586

**ORGANIZATION NAME:**
- **EIN:** 391572323
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04982
- **FILM NUMBER:** 26912051

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4149778748

**MAIL ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEARTLAND GROUP INC
- **CENTRAL INDEX KEY:** 0000809586

**ORGANIZATION NAME:**
- **EIN:** 391572323
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11371
- **FILM NUMBER:** 26912050

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4149778748

**MAIL ADDRESS:**
- **STREET 1:** 790 N. WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### HEARTLAND VALUE FUND (Series ID: S000003523)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009765 | Investor Class      | HRTVX           |
| C000063871 | Institutional Class | HNTVX           |

### HEARTLAND VALUE PLUS FUND (Series ID: S000003524)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009766 | Investor Class      | HRVIX           |
| C000063872 | Institutional Class | HNVIX           |

### HEARTLAND MID CAP VALUE FUND (Series ID: S000047207)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000147928 | Institutional Class | HNMDX           |
| C000147929 | Investor Class      | HRMDX           |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on April 29, 2026

Registration No. 33-11371

File No. 811-04982

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. ☐ <br> Post-Effective Amendment No. 89 ☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 91 ☒

(Check appropriate box or boxes)

HEARTLAND GROUP, INC.

(Exact Name of Registrant as Specified in Charter)

790 NORTH WATER STREET, SUITE 1200

MILWAUKEE, WISCONSIN 53202

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code (414) 347-7777

VINITA K. PAUL

Heartland Group, Inc.

790 North Water Street, Suite 1200

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

ELLEN R. DROUGHT, ESQ. Godfrey & Kahn, S.C. 833 East Michigan Street Suite 1800 Milwaukee, Wisconsin 53202 <u> PETER D. FETZER, ESQ. Foley & Lardner LLP 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202</u>

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ on May 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment

**Explanatory Note:** This Post-Effective Amendment No. 89 to the Registration Statement of Heartland Group, Inc. (the "Company") is being filed to add the Heartland Mid Cap Value Fund, Heartland Value Plus Fund and Heartland Value Fund's audited financial statements and certain related financial information for the fiscal year ended December 31, 2025 and to make other permissible changes under Rule 485(b).

![](tm262596d1_prosputusimg001.jpg)

Consistent Discipline, Fundamental Value

**Prospectus**

May 1, 2026

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Heartland Mid Cap Value Fund** | &nbsp;&nbsp;**Heartland Mid Cap Value Fund** | &nbsp;&nbsp;**Heartland Mid Cap Value Fund** |
| &nbsp;&nbsp;Share Class | &nbsp;&nbsp;● | &nbsp;&nbsp;Ticker |
| &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HRMDX** |
| &nbsp;&nbsp;**Institutional** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HNMDX** |
| &nbsp;&nbsp;**Heartland Value Plus Fund** | &nbsp;&nbsp;**Heartland Value Plus Fund** | &nbsp;&nbsp;**Heartland Value Plus Fund** |
| &nbsp;&nbsp;Share Class | &nbsp;&nbsp;● | &nbsp;&nbsp;Ticker |
| &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HRVIX** |
| &nbsp;&nbsp;**Institutional** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HNVIX** |
| &nbsp;&nbsp;**Heartland Value Fund** | &nbsp;&nbsp;**Heartland Value Fund** | &nbsp;&nbsp;**Heartland Value Fund** |
| &nbsp;&nbsp;Share Class | &nbsp;&nbsp;● | &nbsp;&nbsp;Ticker |
| &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HRTVX** |
| &nbsp;&nbsp;**Institutional** | &nbsp;&nbsp;**●** | &nbsp;&nbsp;**HNTVX** |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **FUND SUMMARY SECTION** |  |
| [Heartland Mid Cap Value Fund](#pros_a_001) | [1](#pros_a_001) |
| [Heartland Value Plus Fund](#pros_a_045) | [4](#pros_a_045) |
| [Heartland Value Fund](#pros_a_046) | [7](#pros_a_046) |
| [**PURCHASE AND SALE OF FUND SHARES, TAX INFORMATION, AND FINANCIAL INTERMEDIARY COMPENSATION**](#pros_a_004) | [10](#pros_a_004) |
| [**MANAGEMENT OF THE FUNDS**](#pros_a_005) |  |
| [Heartland Group](#pros_a_006) | [11](#pros_a_006) |
| [Heartland Advisors](#pros_a_007) | [11](#pros_a_007) |
| [Portfolio Managers](#pros_a_008) | [11](#pros_a_008) |
| [**PRINCIPAL INVESTMENT STRATEGIES AND INVESTMENT RISKS**](#pros_a_009) |  |
| [The Heartland Investment Philosophy](#pros_a_010) | [13](#pros_a_010) |
| [Heartland's 10 Principles of Value Investing<sup>TM</sup>](#pros_a_011) | [13](#pros_a_011) |
| [Heartland Mid Cap Value Fund](#pros_a_012) | [13](#pros_a_012) |
| [Heartland Value Plus Fund](#pros_a_013) | [14](#pros_a_013) |
| [Heartland Value Fund](#pros_a_014) | [14](#pros_a_014) |
| [Principal Investment Risks](#pros_a_015) | [15](#pros_a_015) |
| [Temporary Positions](#pros_a_016) | [16](#pros_a_016) |
| [Portfolio Turnover](#pros_a_017) | [16](#pros_a_017) |
| [Portfolio Holdings](#pros_a_018) | [16](#pros_a_018) |
| [**OTHER INVESTMENT STRATEGIES AND INVESTMENT RISKS**](#pros_a_019) | [17](#pros_a_019) |
| [**HOW TO INVEST**](#pros_a_020) |  |
| [Distribution and Servicing Fees](#pros_a_021) | [21](#pros_a_021) |
| [Purchasing Shares of the Funds](#pros_a_022) | [22](#pros_a_022) |
| [Purchasing Investor Class Shares](#pros_a_023) | [22](#pros_a_023) |
| [Purchasing Institutional Class Shares](#pros_a_024) | [22](#pros_a_024) |
| [Purchasing Shares Generally](#pros_a_025) | [23](#pros_a_025) |
| [How to Purchase Shares](#pros_a_026) | [23](#pros_a_026) |
| [**HOW TO REDEEM**](#pros_a_028) |  |
| [Redeeming Shares Generally](#pros_a_043) | [25](#pros_a_043) |
| [How to Redeem Shares](#pros_a_029) | [26](#pros_a_029) |
| [**ACCOUNT POLICIES**](#pros_a_030) |  |
| [How to Receive Account Information](#pros_a_031) | [28](#pros_a_031) |
| [Exchanging and Converting Shares](#pros_a_032) | [28](#pros_a_032) |
| [Other Policies](#pros_a_033) | [28](#pros_a_033) |
| [Share Price](#pros_a_034) | [30](#pros_a_034) |
| [**SHAREHOLDER INFORMATION AND REPORTING**](#pros_a_035) |  |
| [Heartlandadvisors.com](#pros_a_036) | [31](#pros_a_036) |
| [Investment Reports and Prospectuses](#pros_a_037) | [31](#pros_a_037) |
| [E-Delivery of Fund Documents](#pros_a_038) | [31](#pros_a_038) |
| [Net Investment Income and Net Capital Gain Distributions](#pros_a_039) | [31](#pros_a_039) |
| [Taxes](#pros_a_040) | [31](#pros_a_040) |
| [Privacy Policy](#pros_a_041) | [32](#pros_a_041) |
| [Financial Highlights](#pros_a_042) | [33](#pros_a_042) |

---

This Prospectus contains information you should know about Heartland Group, Inc. (the "Funds," "Heartland Funds," or "Heartland") before you invest. Unless otherwise stated, the investment objectives discussed in this Prospectus and in the Funds' Statement of Additional Information may be changed without shareholder approval.

**Heartland mid cap value fund**

**INVESTMENT GOAL**

The Mid Cap Value Fund seeks long-term capital appreciation and modest current income.

**FEES AND EXPENSES OF THE MID CAP VALUE FUND**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell Investor or Institutional Class Shares of the Mid Cap Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES <br> (fees paid directly from your investment)** | Investor<br> Class<br> Shares | Institutional<br> Class Shares |
| Maximum Sales Charge (Load) Imposed on Purchases |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Distributions |  |  |
| Redemption Fee (as a percentage of the net asset value of any shares that are redeemed or exchanged within 10 days after they were purchased) | 2% | 2% |
| Exchange Fee |  |  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES <br> (expenses that you pay each year as a percentage of the value of your investment)** | Investor <br> Class<br> Shares | Institutional <br> Class Shares |
| Management Fees | 0.75% | 0.75% |
| Distribution (12b-1) Fees | 0.22%<sup>(1)</sup> |  |
| Other Expenses | 0.24% | 0.20% |
| Total Annual Fund Operating Expenses | 1.21% | 0.95% |
| Fee Waiver and/or Expense Reimbursement | -0.11% | -0.10% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 1.10% | 0.85% |

---

<sup>(1)</sup> Investor Class Shares are subject to an annual distribution fee of up to 0.25% pursuant to a reimbursement plan adopted under Rule 12b-1. The maximum rate of the Rule 12b-1 fee may not be incurred in a given year.

<sup>(2)</sup> Pursuant to an operating expense limitation agreement between Heartland Advisors, Inc. ("Heartland Advisors") and Heartland, on behalf of the Fund, Heartland Advisors has agreed to waive its management fees and/or pay expenses of the Fund to ensure that the Fund's total annual fund operating expenses (excluding front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses, or extraordinary expenses) do not exceed 1.10% of the Fund's average daily net assets for the Investor Class Shares and 0.85% for the Institutional Class Shares through at least April 5, 2028, and subject to the annual renewal of the agreement by the Board of Directors thereafter. This operating expense limitation agreement can be terminated only with the consent of the Board of Directors.

**EXAMPLE**. *This example is intended to help you compare the cost of investing in the Mid Cap Value Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the previous table is reflected through April 5, 2028. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Three <br> Years | Five<br> Years | Ten<br> Years |
| Investor Class Shares | $112 | $373 | $654 | $1455 |
| Institutional Class Shares | $87 | $293 | $516 | $1156 |

---

**PORTFOLIO TURNOVER**

The Mid Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE MID CAP VALUE FUND**

Under normal circumstances, at least 80% of the Mid Cap Value Fund's net assets are invested in common stocks and other equity securities issued by mid-capitalization companies. For purposes of this test, Heartland Advisors considers companies in the market capitalization range of the Russell Midcap® Value Index as mid-capitalization companies. As of April 30, 2025, the market capitalization range of the companies in the Russell Midcap® Value Index was $2.0 billion to $58.5 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

The Mid Cap Value Fund invests primarily in a limited number (generally 40 to 60) of mid-capitalization common stocks selected on a value basis and whose current market prices, in Heartland Advisors' judgment, are undervalued relative to their intrinsic value. A majority of its assets are generally invested in dividend-paying common stocks.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing™ are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.

**Heartland mid cap value fund**

**PRINCIPAL RISKS OF INVESTING IN THE MID CAP VALUE FUND**

The Mid Cap Value Fund is designed for investors who seek long-term capital appreciation from mid-capitalization stocks that may produce modest dividend income to the Fund. It is constructed as a core value holding for investors who can accept the volatility and other investment risks of the broad-based equity markets, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

The principal risk of investing in the Mid Cap Value Fund is that its share price and investment return will fluctuate, and you could lose money. The following is a summary of the additional principal investment risks of the Fund:

**MANAGEMENT RISK.** The ability of the Fund to meet its investment objective is directly related to Heartland Advisors' investment strategies for the Fund.

**GENERAL MARKET RISK.** The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

**COMMON STOCK RISK.** Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

**VALUE-STYLE INVESTING RISK.** Value stocks can perform differently from the market as a whole and from other types of stocks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

**SMALL AND MID-SIZED COMPANY SECURITIES RISK.** Investing in securities of small and mid-sized companies generally involves a higher degree of risk than investing in securities of larger companies. The prices of securities of small and mid-sized companies are generally more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the company decreases.

**LIMITED PORTFOLIO RISK.** As the Fund invests in a limited number of stocks, a change in the value of any single holding may have a more pronounced effect on the Fund's net asset value ("NAV") and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's NAV and investment return.

**RECENT MARKET EVENTS.** U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements, and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Continuing market volatility may have an adverse effect on the Fund. Heartland Advisors will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**SECTOR RISK.** Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with less weighting in that sector.

**TAX LAW CHANGE RISK.** All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. Legislation changes over the last several years, the expiration of currently-effective legislation, and possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund's investments.

**CYBERSECURITY RISK.** The Fund is susceptible to operational, information security, and related cybersecurity risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

**OPERATIONAL RISK.** Operational risks include failures in systems, technology, or processes, changes in personnel or systems, inadequate controls, and human error. The Fund and Heartland Advisors seek to reduce the risk of an operational event through controls and procedures, but such measures cannot address every possible risk, including instances at third parties, and may be inadequate to address these risks.

An investment in the Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. It is not designed to be a complete investment program, and while you may make money, you can also lose money. The Fund's share price will fluctuate.

**PAST PERFORMANCE**

The following tables show historical performance of the Mid Cap Value Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund's Investor Class Shares have varied from year to year for the past 10 years. Table II shows how the Fund's average annual total returns compare to those of a broad measure of market performance, as well as the Fund's benchmark index. Past performance (before and after taxes) does not guarantee future results. Updated performance information for the Fund is available on the Fund's website at heartlandadvisors.com or by calling 1-800-432-7856.

**Heartland mid cap value fund**

**TABLE I**

**MID CAP VALUE FUND - INVESTOR CLASS SHARES - YEAR-BY-YEAR TOTAL RETURNS**

![](tm262596d1_prosimg002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;Worst Quarter: |
| &nbsp;&nbsp;4th Quarter of 2020……25.49% | &nbsp;&nbsp;1st Quarter of 2020……-31.62% |

---

**TABLE II**

**MID CAP VALUE FUND - AVERAGE ANNUAL TOTAL RETURNS [FOR THE PERIODS ENDED 12/31/25]**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Years | Ten<br> Years | Lifetime<br> (since <br> 10-31-2014) |
| **INVESTOR CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 0.12% | 7.88% | 9.55% | 7.96% |
| Return After Taxes on Distributions | -0.39% | 5.92% | 8.03% | 6.56% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.43% | 5.88% | 7.47% | 6.16% |
| **INSTITUTIONAL CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 0.38% | 8.14% | 9.82% | 8.23% |
| Russell 3000<sup>®</sup> Index<br> (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 12.95% |
| Russell Midcap<sup>®</sup> Value Index <br> (reflects no deduction for fees, expenses or taxes) | 11.05% | 9.83% | 9.78% | 8.45% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary. The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits. The return after taxes on distributions and sale of Fund shares may be higher than other return figures for the same period when a capital loss occurs upon the redemption of Fund shares and provides an assumed tax benefit.

**INVESTMENT ADVISOR**

Heartland Advisors serves as the investment advisor to the Mid Cap Value Fund.

**PORTFOLIO MANAGERS**

The Mid Cap Value Fund is managed by a team of investment professionals, which consists of **Colin P. McWey, William ("Will") R. Nasgovitz** and **Troy W. McGlone**.

Mr. McWey, CFA, has served as a Portfolio Manager of the Mid Cap Value Fund since its inception in October 2014. Mr. McWey is a Vice President and Portfolio Manager with Heartland Advisors.

Mr. Will Nasgovitz has served as a Portfolio Manager of the Mid Cap Value Fund since February 2015. Mr. Will Nasgovitz is the Chief Executive Officer and a Director of Heartland Advisors and Chief Executive Officer, President and a Director of Heartland Funds.

Mr. McGlone, CFA, has served as a Portfolio Manager of the Mid Cap Value Fund since January 2021. Mr. McGlone is a Vice President and Portfolio Manager with Heartland Advisors.

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Purchase and Sale of Fund Shares, Tax Information, and Financial Intermediary Compensation" on page 10 of this Prospectus.

**heartland value plus fund**

**INVESTMENT GOAL**

The Value Plus Fund seeks long-term capital appreciation and modest current income.

**FEES AND EXPENSES OF THE VALUE PLUS FUND**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell Investor or Institutional Class Shares of the Value Plus Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES**<br> **(fees paid directly from your investment)** | Investor <br> Class<br> Shares | Institutional<br> Class Shares |
| Maximum Sales Charge (Load) Imposed on Purchases |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Distributions |  |  |
| Redemption Fee (as a percentage of the net asset value of any shares that are redeemed or exchanged within 10 days after they were purchased) | 2% | 2% |
| Exchange Fee |  |  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES <br> (expenses that you pay each year as a percentage of the value of your investment)** | Investor <br> Class<br> Shares | Institutional<br> Class Shares |
| Management Fees | 0.70% | 0.70% |
| Distribution (12b-1) Fees | 0.25%<sup>(1)</sup> |  |
| Other Expenses | 0.27% | 0.29% |
| Total Annual Fund Operating Expenses | 1.22% | 0.99%<sup>(2)</sup> |

---

<sup>(1)</sup> Investor Class Shares are subject to an annual distribution fee of up to 0.25% pursuant to a reimbursement plan adopted under Rule 12b-1. The maximum rate of the Rule 12b-1 fee may not be incurred in a given year.

<sup>(2)</sup> Heartland Advisors has voluntarily agreed to waive certain fees and/or reimburse certain expenses with respect to the Institutional Class Shares of the Fund, to the extent necessary to maintain the Institutional Class Shares' Total Annual Fund Operating Expenses at a ratio of 0.99% of average daily net assets. Heartland Advisors may modify or discontinue these waivers and/or reimbursements at any time without notice.

**EXAMPLE.** *This example is intended to help you compare the cost of investing in the Value Plus Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Three <br> Years | Five<br> Years | Ten<br> Years |
| Investor Class Shares | $124 | $387 | $670 | $1476 |
| Institutional Class Shares | $101 | $315 | $547 | $1212 |

---

**PORTFOLIO TURNOVER**

The Value Plus Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE VALUE PLUS FUND**

The Value Plus Fund invests primarily in a limited number (generally 40 to 70) of small-capitalization common stocks selected on a value basis. A majority of its assets are generally invested in dividend-paying common stocks. The Fund invests a majority of its assets in companies with market capitalizations consistent with the capitalization range of the Russell 2000<sup>®</sup> Value Index. As of April 30, 2025, the market capitalization range of the Russell 2000<sup>®</sup> Value Index was $119.4 million to $7.4 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing™ are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.

**PRINCIPAL RISKS OF INVESTING IN THE VALUE PLUS FUND**

The Value Plus Fund is designed for investors who seek long-term capital appreciation from small company stocks that may produce modest dividend income to the Fund. It is designed for long-term investors who can tolerate the greater investment risk and market volatility associated with smaller companies, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

**heartland value plus fund**

The principal risk of investing in the Value Plus Fund is that its share price and investment return will fluctuate, and you could lose money. The following is a summary of the additional principal investment risks of the Fund:

**MANAGEMENT RISK.** The ability of the Fund to meet its investment objective is directly related to Heartland Advisors' investment strategies for the Fund.

**GENERAL MARKET RISK.** The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

**COMMON STOCK RISK.** Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

**VALUE-STYLE INVESTING RISK.** Value stocks can perform differently from the market as a whole and from other types of stocks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

**SMALLER COMPANY SECURITIES RISK.** Investing in securities of small-cap companies generally involves a higher degree of risk than investing in securities of larger companies. The prices of securities of smaller companies are generally more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the company decreases.

**LIMITED PORTFOLIO RISK.** As the Fund invests in a limited number of stocks, a change in the value of any single holding may have a more pronounced effect on the Fund's net asset value ("NAV") and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's NAV and investment return.

**RECENT MARKET EVENTS.** U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements, and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Continuing market volatility may have an adverse effect on the Fund. Heartland Advisors will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**SECTOR RISK**. Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with less weighting in that sector.

◾ *Financials Sector Risk*. Companies in the financials sector are subject to risks relating to regulatory change, decreased liquidity in credit markets and unstable interest rates.

**TAX LAW CHANGE RISK.** All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. Legislation changes over the last several years, the expiration of currently-effective legislation, and possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund's investments.

**CYBERSECURITY RISK.** The Fund is susceptible to operational, information security, and related cybersecurity risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

**OPERATIONAL RISK.** Operational risks include failures in systems, technology, or processes, changes in personnel or systems, inadequate controls, and human error. The Fund and Heartland Advisors seek to reduce the risk of an operational event through controls and procedures, but such measures cannot address every possible risk, including instances at third parties, and may be inadequate to address these risks.

An investment in the Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. It is not designed to be a complete investment program, and while you may make money, you can also lose money. The Fund's share price will fluctuate.

**PAST PERFORMANCE**

The following tables show historical performance of the Value Plus Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund's Investor Class Shares have varied from year to year for the past 10 years. Table II shows how the Fund's average annual total returns compare to those of a broad measure of market performance, as well as the Fund's benchmark index. Past performance (before and after taxes) does not guarantee future results. Updated performance information for the Fund is available on the Fund's website at heartlandadvisors.com or by calling 1-800-432-7856.

**heartland value plus fund**

**TABLE I**

**VALUE PLUS FUND - INVESTOR CLASS SHARES - YEAR-BY-YEAR TOTAL RETURNS**

![](tm262596d1_prosimg003.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;Worst Quarter: |
| &nbsp;&nbsp;4th Quarter of 2020……28.71% | &nbsp;&nbsp;1st Quarter of 2020……-23.48% |

---

**TABLE II**

**VALUE PLUS FUND - AVERAGE ANNUAL TOTAL RETURNS [FOR THE PERIODS ENDED 12/31/25]**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Five <br> Years | Ten <br> Years | Lifetime<br> (since <br> 10-26-1993) |
| **INVESTOR CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 1.06% | 4.01% | 7.65% | 9.00% |
| Return After Taxes on Distributions | 0.92% | 2.47% | 6.74% | 7.73% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.74% | 2.93% | 6.10% | 7.43% |
| **INSTITUTIONAL CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 1.30% | 4.27% | 7.89% | 9.14% |
| Russell 3000<sup>®</sup> Index<br> (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.60% |
| Russell 2000<sup>®</sup> Value Index<br> (reflects no deduction for fees, expenses or taxes) | 12.59% | 8.88% | 9.27% | 9.35% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary. The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits. The return after taxes on distributions and sale of Fund shares may be higher than other return figures for the same period when a capital loss occurs upon the redemption of Fund shares and provides an assumed tax benefit.

**INVESTMENT ADVISOR**

Heartland Advisors serves as the investment advisor to the Value Plus Fund.

**PORTFOLIO MANAGERS**

The Value Plus Fund is managed by a team of investment professionals, which consists of **Andrew J. Fleming, Michael J. Warecki** and **Jacob S. Westphal**.

Mr. Fleming, CFA, has served as a Portfolio Manager of the Value Plus Fund since February 2016. Mr. Fleming is a Vice President and Portfolio Manager with Heartland Advisors.

Mr. Warecki has served as an Associate Portfolio Manager of the Value Plus Fund since May 2025. Mr. Warecki is an Associate Portfolio Manager with Heartland Advisors.

Mr. Westphal has served as an Associate Portfolio Manager of the Value Plus Fund since May 2025. Mr. Westphal is an Associate Portfolio Manager with Heartland Advisors.

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Purchase and Sale of Fund Shares, Tax Information, and Financial Intermediary Compensation" on page 10 of this Prospectus.

**heartland value fund**

**INVESTMENT GOAL**

The Value Fund seeks long-term capital appreciation through investing in small companies.

**FEES AND EXPENSES OF THE VALUE FUND**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell Investor or Institutional Class Shares of the Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES**<br> **(fees paid directly from your investment)** | Investor <br> Class<br> Shares | Institutional <br> Class Shares |
| Maximum Sales Charge (Load) Imposed on Purchases |  |  |
| Maximum Deferred Sales Charge (Load) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Distributions |  |  |
| Redemption Fee (as a percentage of the net asset value of any shares that are redeemed or exchanged within 10 days after they were purchased) | 2% | 2% |
| Exchange Fee |  |  |

---

---

| | | |
|:---|:---|:---|
| <br>**ANNUAL FUND OPERATING EXPENSES**<br> **(expenses that you pay each year as a percentage of the value of your investment)** | Investor<br> Class<br> Shares | Institutional<br> Class Shares |
| Management Fees | 0.75% | 0.75% |
| Distribution (12b-1) Fees | 0.16%<sup>(1)</sup> |  |
| Other Expenses | 0.18% | 0.19% |
| Total Annual Fund Operating Expenses | 1.09% | 0.94% |

---

<sup>(1)</sup> Investor Class Shares are subject to an annual distribution fee of up to 0.25% pursuant to a reimbursement plan adopted under Rule 12b-1. The maximum rate of the Rule 12b-1 fee may not be incurred in a given year.

**EXAMPLE.** *This example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Three <br> Years | Five<br> Years | Ten<br> Years |
| Investor Class Shares | $111 | $347 | $601 | $1327 |
| Institutional Class Shares | $96 | $300 | $520 | $1154 |

---

**PORTFOLIO TURNOVER**

The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE VALUE FUND**

The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000<sup>®</sup> Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase. As of April 30, 2025, the largest market capitalization of a company in the Russell 2000<sup>®</sup> Value Index was $7.4 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing™ are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.

**PRINCIPAL RISKS OF INVESTING IN THE VALUE FUND**

The Value Fund is designed for investors who seek long-term capital appreciation from small company stocks. It is designed for investors who can tolerate the greater investment risk and market volatility associated with smaller companies, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

The principal risk of investing in the Value Fund is that its share price and investment return will fluctuate, and you could lose money. The following is a summary of the additional principal investment risks of the Fund:

**MANAGEMENT RISK.** The ability of the Fund to meet its investment objective is directly related to Heartland Advisors' investment strategies for the Fund.

**GENERAL MARKET RISK.** The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

**heartland value fund**

**COMMON STOCK RISK.** Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

**VALUE-STYLE INVESTING RISK.** Value stocks can perform differently from the market as a whole and from other types of stocks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

**SMALLER COMPANY SECURITIES RISK.** Investing in securities of small-cap and micro-cap companies generally involves a higher degree of risk than investing in securities of larger companies. The prices of securities of smaller companies are generally more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the company decreases. Micro-cap companies generally have less public information and can have less financial resources and management experience than larger companies, increasing the risk of business failure.

**RECENT MARKET EVENTS.** U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements, and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Continuing market volatility may have an adverse effect on the Fund. Heartland Advisors will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**SECTOR RISK.** Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with less weighting in that sector.

◾ *Financials Sector Risk*. Companies in the financials sector are subject to risks relating to regulatory change, decreased liquidity in credit markets and unstable interest rates.

**TAX LAW CHANGE RISK.** All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. Legislation changes over the last several years, the expiration of currently-effective legislation, and possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund's investments.

**CYBERSECURITY RISK.** The Fund is susceptible to operational, information security, and related cybersecurity risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

**OPERATIONAL RISK.** Operational risks include failures in systems, technology, or processes, changes in personnel or systems, inadequate controls, and human error. The Fund and Heartland Advisors seek to reduce the risk of an operational event through controls and procedures, but such measures cannot address every possible risk, including instances at third parties, and may be inadequate to address these risks.

An investment in the Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. It is not designed to be a complete investment program, and while you may make money, you can also lose money. The Fund's share price will fluctuate.

**PAST PERFORMANCE**

The following tables show historical performance of the Value Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund's Investor Class Shares have varied from year to year for the past 10 years. Table II shows how the Fund's average annual total returns compare to those of a broad measure of market performance, as well as the Fund's benchmark index. Past performance (before and after taxes) does not guarantee future results. Updated performance information for the Fund is available on the Fund's website at heartlandadvisors.com or by calling 1-800-432-7856.

**HEARTLAND VALUE FUND**

**TABLE I**

**VALUE FUND - INVESTOR CLASS SHARES - YEAR-BY-YEAR TOTAL RETURNS**

![](tm262596d1_prosimg004.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;Worst Quarter: |
| &nbsp;&nbsp;2nd Quarter of 2020……30.51% | &nbsp;&nbsp;1st Quarter of 2020……-35.44% |

---

**TABLE II**

**VALUE FUND - AVERAGE ANNUAL TOTAL RETURNS [FOR THE PERIODS ENDED 12/31/25]**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year | Five <br> Years | Ten <br> Years | Lifetime<br> (since<br> 12-28-1984) |
| **INVESTOR CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 15.98% | 11.49% | 9.80% | 11.32% |
| Return After Taxes on Distributions | 13.66% | 9.46% | 8.27% | 9.53% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.16% | 8.79% | 7.66% | 9.35% |
| **INSTITUTIONAL CLASS SHARES:** |  |  |  |  |
| Return Before Taxes | 16.17% | 11.65% | 9.97% | 11.41% |
| Russell 3000<sup>®</sup> Index<br> (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 11.77% |
| Russell 2000<sup>®</sup> Value Index<br> (reflects no deduction for fees, expenses or taxes) | 12.59% | 8.88% | 9.27% | 10.50% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). In addition, after-tax returns are shown only for Investor Class Shares and after-tax returns for the Institutional Class Shares will vary. The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits.

**INVESTMENT ADVISOR**

Heartland Advisors serves as the investment advisor to the Value Fund.

**PORTFOLIO MANAGERS**

The Value Fund is managed by a team of investment professionals, which consists of **William ("Will") R. Nasgovitz, William ("Bill") J. Nasgovitz, Michael J. Warecki** and **Jacob S. Westphal**.

Mr. Will Nasgovitz has served as a Portfolio Manager of the Value Fund since May 2019. Mr. Will Nasgovitz is the Chief Executive Officer and a Director of Heartland Advisors and Chief Executive Officer, President and a Director of Heartland Funds.

Mr. Bill Nasgovitz has been a Portfolio Manager of the Value Fund since commencement of its operations in 1984. Mr. Bill Nasgovitz is the Chairman of Heartland Advisors.

Mr. Warecki has served as an Associate Portfolio Manager of the Value Fund since May 2025. Mr. Warecki is an Associate Portfolio Manager with Heartland Advisors.

Mr. Westphal has served as an Associate Portfolio Manager of the Value Fund since May 2025. Mr. Westphal is an Associate Portfolio Manager with Heartland Advisors.

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Purchase and Sale of Fund Shares, Tax Information, and Financial Intermediary Compensation" on page 10 of this Prospectus.

**Purchase and sale of fund shares, tax information, and financial intermediary compensation**

**PURCHASE AND SALE OF FUND SHARES**

Each Fund imposes minimum purchase requirements for initial investments in its shares. The table below shows the initial minimum purchase requirements that apply if you purchase Investor Class Shares directly from a Fund.

---

| | | | |
|:---|:---|:---|:---|
|  | Regular Account<sup>(1)</sup> | IRA Account | Coverdell <br> Education <br> Savings Account<br> ("ESA") |
| Mid Cap Value Fund | $1000 | $500 | $500 |
| Value Plus Fund | $1000 | $500 | $500 |
| Value Fund | $1000 | $500 | $500 |

---

(1) Regular
 Accounts include joint accounts, individual accounts, custodial accounts, trust accounts,
 and corporate accounts. The minimum initial investment is waived when an account is established
 with an automatic investment plan.

The minimum purchase requirement for an initial investment in Institutional Class Shares, including for IRAs, is $500,000. This minimum may be waived for certain accounts.

Subsequent purchases of Investor Class and Institutional Class Shares, other than through reinvestment of distributions or an automatic investment plan, must be for a minimum of $100.

Investors generally may meet the minimum investment amount by aggregating multiple accounts with common ownership or discretionary control within a single Fund. Each Fund may waive or lower its investment minimums for any reason. Different minimums may apply to accounts opened through third parties.

You may redeem your shares in any of the following ways:

**BY MAIL**

Please mail your redemption instructions to Heartland Funds at the appropriate address below.

---

| | |
|:---|:---|
| **via U.S. Postal Service**<br> Heartland Funds<br> PO Box 219942<br> Kansas City, MO 64121-9942 | **via Express Courier**<br> For the overnight mailing<br> address, please call <br> Investor Services at 1-800-432-7856 |

---

**BY TELEPHONE**

Call a Heartland Funds representative toll-free at 1-800-432-7856 to request your redemption (certain redemption requests for IRA or Coverdell ESA accounts must be in writing; see "Redeeming Shares Generally" for more information).

**BY INTERNET**

You may redeem shares by accessing your account online at heartlandadvisors.com.

**BY SYSTEMATIC WITHDRAWAL**

Call a Heartland Funds representative toll-free at 1-800-432-7856 to request an Account Maintenance Form to add a systematic withdrawal plan to your account.

**TAX INFORMATION**

The Funds intend to make distributions, which may be subject to federal, state, and local taxes as ordinary income or long-term capital gains, or a combination of the two, unless you are investing through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from such tax-deferred arrangements.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), Heartland Funds, Heartland Advisors, or any of their respective affiliates may pay the intermediary for the sale of a Fund's shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial advisor to recommend the Funds over another investment. Ask your individual financial advisor or visit your financial intermediary's website for more information.

**MANAGEMENT OF THE FUNDS**

**HEARTLAND GROUP**

Each Fund is a series of Heartland Group, Inc. ("Heartland," "Heartland Funds," or the "Funds"). Each of the Investor Class and Institutional Class Shares of the Funds offered by this Prospectus are "no-load." Only Investor Class and Institutional Class Shares of the Funds have been authorized at this time.

Under applicable law, the Board of Directors is responsible for management of Heartland and provides broad supervision over its affairs. The Board delegates day-to-day responsibility for the management of the Funds to Heartland's officers. The Board meets regularly to review the Funds' investments, performance, and expenses. It elects the officers of Heartland and hires the Funds' service providers, including the Funds' investment advisor, transfer agent, administrator and distributor. As a matter of policy, Heartland requires that 75% of its Board members and the Chairperson of the Board are considered independent directors for the purposes of the Investment Company Act of 1940, as amended (the "1940 Act").

Heartland Funds, Heartland Advisors, and ALPS Distributors, Inc. (Heartland Funds' distributor), each has adopted a code of ethics designed to ensure, among other things, that the interests of Fund shareholders take precedence over the personal interests of its directors, officers, and employees. Under their respective codes, personal investment activities are subject to limitations designed to avoid both actual and perceived conflicts of interest with the investment activities of the Funds.

**HEARTLAND ADVISORS**

Founded in 1983 by Bill J. Nasgovitz, Heartland Advisors is an independent firm owned by its employees through Heartland Holdings, Inc. Its principal offices are located at, and its mailing address is, 790 North Water Street, Suite 1200, Milwaukee, Wisconsin 53202.

As of March 31, 2026, Heartland Advisors had approximately $2.02 billion of assets under its discretionary management. Heartland Advisors manages the Funds' investments subject to the authority of and supervision by the Heartland Funds' Board of Directors. Heartland Advisors serves as the investment advisor to all series of Heartland Funds and also provides investment management services for individuals, institutions, other financial institutions and retirement plans. Heartland Advisors also provides various operational services to the Funds.

**PORTFOLIO MANAGERS**

**MID CAP VALUE FUND.** The Mid Cap Value Fund is managed by a team of investment professionals, which consists of **Colin P. McWey, Will R. Nasgovitz** and **Troy W. McGlone.** The team jointly develops and implements investment strategies for the Mid Cap Value Fund. While decisions are generally made by consensus, as the lead portfolio manager, Mr. McWey exercises final discretion in the event of any conflict.

Mr. McWey, a Chartered Financial Analyst ("CFA"), has served as a Portfolio Manager of the Mid Cap Value Fund since its inception in October 2014. He has been a Portfolio Manager for advisory clients of Heartland Advisors since 2010, after serving as a Research Analyst since 2009. He served as Director of Equity Research from 2016 to 2022. Mr. McWey is a Vice President and Portfolio Manager with Heartland Advisors. Prior to joining Heartland Advisors, Mr. McWey had been with Banc of America Securities from 2001 to 2009.

Mr. Will Nasgovitz has served as a Portfolio Manager of the Mid Cap Value Fund since February 2015 and the Value Fund from February 2009 to April 2013, and again since May 2019. He also serves as Portfolio Manager for Heartland Advisors' advisory clients. He previously served as a Research Analyst from 2004 to 2006 and a Research Associate from November 2003 to 2004. He is the Chief Executive Officer and a Director of Heartland Advisors. He has served as Chief Executive Officer of Heartland since May 2012 and as President and a Director of Heartland since January 2020. Prior to joining Heartland Advisors, Mr. Will Nasgovitz was a Senior Research Associate with Cambridge Associates from 2000 to 2002. Mr. Will Nasgovitz is the son of Mr. Bill Nasgovitz, Chairman of Heartland Advisors and Portfolio Manager of the Value Fund.

Mr. McGlone, CFA, has served as a Portfolio Manager of the Mid Cap Value Fund since January 2021. He has been a Portfolio Manager for advisory clients of Heartland Advisors since 2019, after serving as a Research Analyst since 2014. Mr. McGlone is a Vice President and Portfolio Manager with Heartland Advisors. Prior to joining Heartland Advisors, Mr. McGlone had been with Stark Investments from 2006 to 2012.

**VALUE PLUS FUND.** The Value Plus Fund is managed by a team of investment professionals, which consists of **Andrew J. Fleming, Michael J. Warecki** and **Jacob S. Westphal.** The team jointly develops and implements investment strategies for the Value Plus Fund. While decisions are generally made by consensus, as the lead portfolio manager, Mr. Fleming exercises final discretion in the event of any conflict.

Mr. Fleming, CFA, has served as a Portfolio Manager of the Value Plus Fund since February 2016. He has been a Portfolio Manager for advisory clients of Heartland Advisors since August 2015, after serving as a Research Analyst since 2012. He has served as Director of Equity Research since January 2023. Mr. Fleming is a Vice President and Portfolio Manager with Heartland Advisors. Prior to joining Heartland Advisors, Mr. Fleming was an Associate with McKinley Reserve, an investment firm, from 2006 to 2010.

Mr. Warecki has served as an Associate Portfolio Manager of the Value Plus Fund since May 2025. He has been an Associate Portfolio Manager for advisory clients of Heartland Advisors since May 2025, and served as a Research Analyst from 2019 to 2025. Prior to joining Heartland Advisors, Mr. Warecki was a Mutual Fund Administrator at U.S. Bancorp Fund Services from 2015 to 2017.

Mr. Westphal has served as an Associate Portfolio Manager of the Value Plus Fund since May 2025. He has been an Associate Portfolio Manager for advisory clients of Heartland Advisors since May 2025, and served as a Research Analyst from 2020 to 2025. Prior to joining Heartland Advisors, Mr. Westphal was an Equity Research Associate at UBS from 2017 to 2020.

**MANAGEMENT OF THE FUNDS**

**VALUE FUND.** The Value Fund is managed by a team of investment professionals, which consists of **Will R. Nasgovitz**, **Bill J. Nasgovitz, Michael J. Warecki** and **Jacob S. Westphal**. The team jointly develops and implements investment strategies for the Value Fund. While decisions are generally made by consensus, as the lead portfolio manager, Mr. Will Nasgovitz exercises final discretion in the event of any conflict.

Mr. Will Nasgovitz has served as a Portfolio Manager of the Mid Cap Value Fund since February 2015 and the Value Fund from February 2009 to April 2013, and again since May 2019. He also serves as Portfolio Manager for Heartland Advisors' advisory clients. He previously served as a Research Analyst from 2004 to 2006 and a Research Associate from November 2003 to 2004. He is the Chief Executive Officer and a Director of Heartland Advisors. He has served as Chief Executive Officer of Heartland since May 2012 and as President and a Director of Heartland since January 2020. Prior to joining Heartland Advisors, Mr. Will Nasgovitz was a Senior Research Associate with Cambridge Associates from 2000 to 2002. Mr. Will Nasgovitz is the son of Mr. Bill Nasgovitz, Chairman of Heartland Advisors and Portfolio Manager of the Value Fund.

Mr. Bill Nasgovitz has been a Portfolio Manager of the Value Fund since commencement of its operations in 1984. Mr. Bill Nasgovitz also serves as Portfolio Manager for advisory clients. He is the Chairman of Heartland Advisors.

Mr. Warecki has served as an Associate Portfolio Manager of the Value Fund since May 2025. He has been an Associate Portfolio Manager for advisory clients of Heartland Advisors since May 2025, and served as a Research Analyst from 2019 to 2025. Prior to joining Heartland Advisors, Mr. Warecki was a Mutual Fund Administrator at U.S. Bancorp Fund Services from 2015 to 2017.

Mr. Westphal has served as an Associate Portfolio Manager of the Value Fund since May 2025. He has been an Associate Portfolio Manager for advisory clients of Heartland Advisors since May 2025, and served as a Research Analyst from 2020 to 2025. Prior to joining Heartland Advisors, Mr. Westphal was an Equity Research Associate at UBS from 2017 to 2020.

The Statement of Additional Information ("SAI") for the Funds provides additional information about the Portfolio Managers' compensation, other accounts they manage, and their ownership of Fund shares.

**CFA is a registered trademark owned by the CFA Institute.**

**FUND OWNERSHIP BY EMPLOYEES OF HEARTLAND ADVISORS.** As of December 31, 2025, employees of Heartland Advisors, including the Portfolio Managers of the Funds, had approximately $48 million invested across all of the Funds, which includes shares held directly and in retirement accounts. Heartland's independent directors are also invested in the Funds. Please see the SAI for more details.

**MANAGEMENT FEE AND EXPENSE LIMITATION.** For Heartland Advisors' investment management services, each of the Funds pays an annual fee, accrued daily and paid monthly, computed as a percentage of the Fund's average daily net assets. For the fiscal year ended December 31, 2025, Heartland Advisors was entitled to receive from each Fund an investment advisory fee equal to a percentage of the particular Fund's daily net assets:

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| | |
|:---|:---|
| **FUND** | **ADVISORY FEE %** |
| Mid Cap Value Fund | 0.75 |
| Value Plus Fund | 0.70 |
| Value Fund | 0.75 |

---

The following table reflects the investment advisory fee paid by each Fund as a percentage of the particular Fund's average daily net assets, during the fiscal year ended December 31, 2025, after taking into effect waivers by Heartland Advisors during the year.

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| | |
|:---|:---|
| **FUND** | **ADVISORY FEE RECEIVED %** |
| Mid Cap Value Fund | 0.64 |
| Value Plus Fund | 0.70 |
| Value Fund | 0.75 |

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Each Fund is responsible for its own operating expenses.

Pursuant to an operating expense limitation agreement between Heartland Advisors and Heartland Funds, on behalf of the Mid Cap Value Fund, Heartland Advisors has agreed to waive its management fees and/or pay expenses of the Mid Cap Value Fund to ensure that the Mid Cap Value Fund's total annual fund operating expenses (excluding front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses, or extraordinary expenses) do not exceed 1.10% of the Fund's average daily net assets for Investor Class Shares and 0.85% for Institutional Class Shares through at least April 5, 2028 and subject to the annual renewal of the agreement by the Board of Directors, thereafter. This operating expense limitation agreement can be terminated only with the consent of the Board of Directors. Waivers and reimbursements have the effect of lowering the Mid Cap Value Fund's overall expense ratio and increasing the Mid Cap Value Fund's overall return to investors.

Heartland Advisors has voluntarily agreed to waive certain fees and/or reimburse certain expenses with respect to the Institutional Class Shares of the Value Plus Fund, to the extent necessary to maintain the Institutional Class Shares' Total Annual Fund Operating Expenses at a ratio of 0.99% of average daily net assets. Heartland Advisors may modify or discontinue these waivers and/or reimbursements at any time without notice. Waivers and reimbursements have the effect of lowering a Fund's overall expense ratio and increasing the Fund's overall return to investors.

A discussion regarding the basis for the Board of Directors approving the Funds' investment advisory agreement is available in Heartland's Semi-Annual Report to Shareholders on Form N-CSR for the period ended June 30, 2025.

**PRINCIPAL investment strategies and investment risks**

**THE HEARTLAND INVESTMENT PHILOSOPHY**

At Heartland, value investing is our passion and sole focus. We relentlessly seek value, analyzing overlooked and unpopular stocks, which we believe sell at significant discounts to their true worth. This discount is a means to achieve potential appreciation while potentially limiting downside risk.

**HEARTLAND'S 10 PRINCIPLES OF VALUE INVESTING™**

We define "value" according to our proprietary 10 Principles of Value Investing™. For all Heartland Funds, we use the time-tested process to routinely evaluate the stocks we consider for purchase or sale against these distinct criteria:

**1.** **CATALYST FOR RECOGNITION** 

We look beyond simply discovering undervalued stocks. We identify specific catalysts that we believe will cause a stock's price to rise, closing the gap between a current stock price and the company's true worth.

**2.** **LOW PRICE IN RELATION TO EARNINGS** 

Historically, low Price/Earnings stocks have outperformed the overall market and provided investors with less downside risk relative to other equity investment strategies.

**3.** **LOW PRICE IN RELATION TO CASH FLOW** 

Strong cash flows give a company greater financial flexibility. In the hands of capable management, it can be the foundation for stronger earnings and, in turn, higher stock prices.

**4.** **LOW PRICE IN RELATION TO BOOK VALUE** 

Book value is a company's total assets minus liabilities. We believe low Price/Book Value stocks offer investors potential downside risk protection. It often suggests sentiment about a stock or sector is overly negative.

**5.** **FINANCIAL SOUNDNESS** 

We prefer investing in companies that are not encumbered by long-term debt. During difficult periods, such low-debt companies are able to direct cash flow to investments in operations, not interest expense.

**6.** **POSITIVE EARNINGS DYNAMICS** 

We favor companies with improving earnings and upwardly trending estimates, as earnings tend to drive stock prices.

**7.** **SOUND BUSINESS STRATEGY** 

We seek to understand a company's business strategy by meeting with its management team. These meetings are designed to give us better insights into the leadership team's conviction, confidence, outlook, and future plans for the organization.

**8.** **CAPABLE MANAGEMENT AND INSIDER OWNERSHIP** 

We meet with company management teams as part of our assessment of the strength and depth of leadership. We pair this evaluation with information about significant or increasing stock ownership among a company's officers and directors. Insider ownership aligns leadership's long-term interests with those of shareholders and can signal management's personal confidence in the business.

**9.** **VALUE OF THE COMPANY** 

We endeavor to appraise the intrinsic value, or private market value, of each portfolio company. Our goal is to make investments at a significant discount to our estimates of true value.

**10.** **POSITIVE TECHNICAL ANALYSIS** 

Technical analysis is a tool useful for avoiding stocks that may already be subject to speculation. We are attracted to stocks that have "bases," trading within a narrow price range which has typically followed a down trend, or bear market.

Although the Heartland Funds use the same evaluation criteria in selecting securities for their portfolios, they do not necessarily own the same securities. The Funds have different investment objectives and principal strategies that cause the holdings to differ. The Funds also have different Portfolio Managers who exercise independent judgment.

**INVESTMENT GOALS AND PRINCIPAL STRATEGIES**

The investment goals and principal investment strategies unique to each Fund are set forth below.

**HEARTLAND MID CAP VALUE FUND**

**INVESTMENT GOAL.** The Mid Cap Value Fund seeks long-term capital appreciation and modest current income. The Fund's investment goal may be changed by Heartland's Board of Directors upon notice to shareholders, but without shareholder approval.

**PRINCIPAL INVESTMENT STRATEGIES OF THE MID CAP VALUE FUND.** Under normal circumstances, at least 80% of the Mid Cap Value Fund's net assets are invested in common stocks and other equity securities issued by mid-capitalization companies. For purposes of this test, Heartland Advisors considers companies in the market capitalization range of the Russell Midcap<sup>®</sup> Value Index as mid-capitalization companies. As of April 30, 2025, the market capitalization range of the companies in the Russell Midcap<sup>®</sup> Value Index was $2.0 billion to $58.5 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions. For purposes of the 80% investment policy, net assets include any borrowings for investment purposes.

The Mid Cap Value Fund invests primarily in a limited number (generally 40 to 60) of mid-capitalization common stocks selected on a value basis and whose current market prices, in Heartland Advisors' judgment, are undervalued relative to their intrinsic value. A majority of its assets are generally invested in dividend-paying common stocks.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk.

**PRINCIPAL RISKS OF INVESTING IN THE MID CAP VALUE FUND.** The principal risk of investing in the Mid Cap Value Fund is that its share price and investment return will fluctuate, and you could lose money. Because the Fund invests in value stocks, it is subject to the risk that their intrinsic values may never be recognized by the broad market or that their prices may decline. The Fund invests in stocks of mid-sized companies, which may be more volatile and less liquid than stocks of larger, more established companies.

**PRINCIPAL investment strategies and investment risks**

The Mid Cap Value Fund is designed for investors who seek long-term capital appreciation from mid-capitalization stocks that may produce modest dividend income to the Fund. It is constructed as a core value holding for investors who can accept the volatility and other investment risks of the broad-based equity markets, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

As the Fund invests in a limited number of common stocks (generally 40 to 60), a change in the value of any single holding may have a more pronounced effect on the Fund's NAV and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's share price and investment return.

Investing in the common stocks of small and mid-sized companies generally involves a higher degree of risk than investing in the securities of larger companies. The prices of securities of small and mid-sized companies are generally more volatile than those of larger companies, and these securities generally will have less market liquidity and may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the companies decreases. There is no assurance that the income-producing features of the securities in which the Fund invests will reduce the risks associated with investing in small and mid-sized companies or the Fund's volatility.

**HEARTLAND VALUE PLUS FUND**

**INVESTMENT GOAL.** The Value Plus Fund seeks long-term capital appreciation and modest current income. The Fund's investment goal may be changed by Heartland's Board of Directors upon notice to shareholders, but without shareholder approval.

**PRINCIPAL INVESTMENT STRATEGIES OF THE VALUE PLUS FUND.** The Value Plus Fund invests primarily in a limited number (generally 40 to 70) of small-capitalization common stocks selected on a value basis. A majority of its assets are generally invested in dividend-paying common stocks. The Fund invests a majority of its assets in companies with market capitalizations consistent with the capitalization range of the Russell 2000<sup>®</sup> Value Index. As of April 30, 2025, the market capitalization range of the Russell 2000<sup>®</sup> Value Index was $119.4 million to $7.4 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk.

**PRINCIPAL RISKS OF INVESTING IN THE VALUE PLUS FUND.** The principal risk of investing in the Value Plus Fund is that its share price and investment return will fluctuate, and you could lose money. Because the Fund invests in value stocks, it is subject to the risk that their intrinsic values may never be recognized by the broad market or that their prices may decline.

The Value Plus Fund is designed for investors who seek long-term capital appreciation from small company stocks that may produce modest dividend income to the Fund. It is designed for long-term investors who can tolerate the greater investment risk and market volatility associated with smaller companies, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

The Fund invests in a limited number of stocks (generally 40 to 70). Therefore, a change in the value of any single holding may have a more pronounced effect on the Fund's NAV and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's share price and investment return.

Investing in the common stocks of smaller companies generally involves a higher degree of risk than investing in the securities of larger companies. The prices of securities of smaller companies are generally more volatile than those of larger companies, and these securities generally will have less market liquidity and may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the companies decreases. There is no assurance that the income-producing features of the securities in which the Fund invests will reduce the risks associated with investing in small companies or the Fund's volatility.

**HEARTLAND VALUE FUND**

**INVESTMENT GOAL.** The Value Fund seeks long-term capital appreciation through investing in small companies. The Fund's investment goal may be changed by Heartland's Board of Directors upon notice to shareholders, but without shareholder approval.

**PRINCIPAL INVESTMENT STRATEGIES OF THE VALUE FUND.** The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000<sup>®</sup> Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase. As of April 30, 2025, the largest market capitalization of a company in the Russell 2000<sup>®</sup> Value Index was $7.4 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value Investing<sup>TM</sup> framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk.

**PRINCIPAL RISKS OF INVESTING IN THE VALUE FUND.** The principal risk of investing in the Value Fund is that its share price and investment return will fluctuate, and you could lose money. Because the Fund invests in value stocks, it is subject to the risk that their intrinsic values may never be recognized by the broad market or that their prices may decline.

**PRINCIPAL investment strategies and investment risks**

The Value Fund is designed for investors who seek long-term capital appreciation from small company stocks. It is designed for investors who can tolerate the greater investment risk and market volatility associated with smaller companies, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

Investing in the common stocks of small-cap and micro-cap companies generally involves a higher degree of risk than investing in the securities of larger companies. The prices of securities of smaller companies are generally more volatile than those of larger companies, and these securities generally will have less market liquidity and may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the companies decreases. The Value Fund may hold a significant number of investments in small-cap and micro-cap company securities, where the Fund occasionally holds more than 5% of the outstanding voting securities of the issuer.

**PRINCIPAL INVESTMENT RISKS OF THE FUNDS**

**MANAGEMENT RISK.** The ability of a Fund to meet its investment objective is directly related to the Advisor's investment strategies for the Fund. The value of your investment in a Fund may vary with the effectiveness of the Advisor's research, analysis, and asset allocation among portfolio securities. If the Advisor's investment strategies do not produce the expected results, the value of your investment could be diminished or even lost entirely.

**GENERAL MARKET RISK; RECENT MARKET EVENTS**. The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy, or the market as a whole. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements, and wars in Europe and in the Middle East. Uncertainties regarding interest rate levels, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. Global economies and financial markets are increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Continuing market volatility as a result of these or other events may have adverse effects on the Funds. Conflict, loss of life and disaster connected to ongoing armed conflicts overseas could have severe adverse effects on the related regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Heartland Advisors will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**COMMON STOCK RISK.** Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various, unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic, and banking crises. If you hold common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.

**VALUE-STYLE INVESTING RISK.** Value stocks can perform differently from the market as a whole and from other types of stocks. Value stocks may be purchased based upon the belief that a given security may be out of favor. Value investing seeks to identify stocks that have depressed valuations, based upon a number of factors which are thought to be temporary in nature, and to sell them at superior profits when their prices rise in response to resolution of the issues which caused the valuation of the stock to be depressed. While certain value stocks may increase in value more quickly during periods of anticipated economic upturn, they may also lose value more quickly in periods of anticipated economic downturn. Furthermore, there is the risk that the factors which caused the depressed valuations are longer term or even permanent in nature, and that there will not be any rise in valuation. Finally, there is the increased risk in such situations that such companies may not have sufficient resources to continue as ongoing businesses, which would result in the stock of such companies potentially becoming worthless. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

**LIMITED PORTFOLIO RISK.** As the Mid Cap Value and Value Plus Funds invest in a limited number of stocks, a change in the value of any single holding may have a more pronounced effect on a Fund's NAV and performance than would be the case if it held more positions. This generally will increase the volatility of a Fund's NAV and investment return.

**SMALLER COMPANY SECURITIES RISK.** Common stock of the smaller companies in which the Funds may invest, including mid-sized companies in the case of the Mid Cap Value Fund, generally involve a higher degree of risk than investments in the broad-based equity markets. The security prices of smaller companies generally are more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions. Smaller companies may have lower revenues, limited product lines, less management depth, and a lower share of the market for their products or services as compared to larger companies, any or all of which could give rise to their greater risk. A significant percentage of the outstanding shares of a smaller company may also be held by management of the company, which could cause management to have a greater influence over actions requiring shareholder approval. A Fund's position in securities of a smaller company may be substantial in relation to the public market for such securities. As a result, it may be difficult at times for a Fund to dispose of such securities at prevailing market prices in order to meet redemptions or other cash needs. The risks of investing in smaller companies generally increase as the size of the companies decreases.

**PRINCIPAL investment strategies and investment risks**

The following table shows the median and weighted average market capitalizations as of December 31, 2025, for the companies whose equity securities are owned by the Funds and for the companies included in the indices that are benchmarks for each of those Funds.

**MARKET CAPITALIZATION OF EQUITY SECURITIES HELD BY THE FUNDS**

**(AS OF 12/31/25)**

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| | | |
|:---|:---|:---|
|  | Median<br> (in Millions) | Weighted <br> Average<br> (in Millions) |
| **Mid Cap Value Fund** | $19262 | $29377 |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index | $11751 | $27551 |
| **Value Plus Fund** | $5485 | $6384 |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | $797 | $3503 |
| **Value Fund** | $1348 | $2532 |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | $797 | $3503 |

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**SECTOR RISK.** Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of each Fund's overall investment portfolio than other sectors. In particular, each of the Value Plus Fund and Value Fund may be more susceptible to the particular risks that may affect companies in the financials sector than if they were invested in a wider variety of companies in unrelated sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on a Fund than on a fund with less weighting in that sector.

**TAX LAW CHANGE RISK**. All statements contained in this Prospectus regarding the U.S. federal income tax consequences of an investment in a Fund are based on current law, which is subject to change at any time, potentially with retroactive effect. Legislation changes over the last several years, the expiration of currently-effective legislation, and possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in a Fund and the Fund's investments.

**OPERATIONAL RISK.** Operational risks include failures in systems, technology, or processes, changes in personnel or systems, inadequate controls, and human error. The Funds and Heartland Advisors seek to reduce the risk of an operational event through controls and procedures, but such measures cannot address every possible risk, including instances at third parties, and may be inadequate to address these risks.

**TEMPORARY POSITIONS**

Under adverse market, economic, political, or other conditions, each Fund may temporarily invest, without limitation, in liquid reserves such as money market instruments, certificates of deposit, commercial paper, corporate debt securities, variable rate demand notes, government securities, and repurchase agreements. In addition, the Funds may invest in such temporary investments under conditions when Heartland Advisors is unable to identify attractive investment opportunities. Each Fund may temporarily invest in fixed income securities of any duration. Temporary investments in liquid reserves are not required, and may not be possible because of market conditions. Such investments also might prevent a Fund from achieving its investment objective, and from participating in market advances or declines to the same extent that it would if the Fund remained more fully invested. The level of liquid reserves across the Funds may vary significantly due to differences in investment judgments made by the Portfolio Managers.

**PORTFOLIO TURNOVER**

A Fund's portfolio turnover rate indicates changes in its portfolio of securities and will vary year to year, as well as within a year. Each Fund may engage in short-term trading if Heartland Advisors anticipates the expected benefits to exceed the transaction costs. Portfolio turnover may also be affected by the sale of portfolio securities to meet cash requirements for redemption of shares of a Fund. High portfolio turnover could result in increases in transaction costs, generate realized capital gains that would be taxable to shareholders when distributed, and adversely affect a Fund's performance.

**PORTFOLIO HOLDINGS**

A description of Heartland's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI.

An investment in a Fund is not a deposit of a bank, nor insured or guaranteed by the FDIC or any other governmental agency. It is not designed to be a complete investment program, and while you may make money, you can also lose money. Each Fund's share price will fluctuate.

**OTHER investment strategies and investment risks**

In addition to the principal investment strategies discussed above in this Prospectus, each Fund may engage in other non-principal investment strategies discussed below and in the SAI. Unless otherwise stated, investment policies and limitations set forth below and elsewhere in this Prospectus or the SAI that are described in terms of percentages apply at the time a security is purchased.

**CHANGE OR INFLUENCE CONTROL OVER PORTFOLIO COMPANIES.** As a passive investor in a portfolio company, each Fund may communicate its views as a shareholder on matters of policy to the company's management, board of directors, and other shareholders when a policy may affect the value of the Fund's investment. In addition, each of the Funds may, from time to time, use its ownership interest in a portfolio company to seek to change or influence control of the company's management. For example, a Fund might take steps: (a) to actively support, oppose, or influence a company's decision-making; (b) to seek changes in a company's management or board of directors; (c) to seek to effect the sale of all or some of a company's assets; (d) to vote to participate in or oppose a takeover of a portfolio company or an acquisition by a portfolio company; or (e) to serve as lead plaintiff in a matter related to a portfolio company. A Fund would engage in such activities in an effort to protect and maximize the value of its investment on behalf of the Fund's shareholders. The extent to which a Fund might invest for purposes of changing or influencing control of management would depend, among other things, on facts and circumstances specific to the issuer, as well as general market conditions.

Investing for purposes of changing or influencing control of management could result in additional expenses to a Fund, including expenses associated with operational or regulatory requirements and the ongoing cost of potential litigation. It could also restrict a Fund's ability to freely dispose of the securities of a portfolio company with respect to which it is deemed to be investing to effect control, which might adversely affect the Fund's liquidity as well as the sale price of those securities. A Fund's ability to vote the proxies of the company's securities could also be restricted. Finally, greater public disclosure is required regarding a Fund's investment and trading strategies in regulatory filings relating to such securities.

It is expected that a Fund would make investments for purposes of changing or influencing control only on a selective basis when Heartland Advisors believes it would be in the best interests of the Fund and its shareholders.

**ILLIQUID INVESTMENTS.** No Fund will purchase a security if, as a result, more than 15% of its net assets would be invested in illiquid investments as defined in accordance with Securities and Exchange Commission ("SEC") requirements.

**SECURITIES ISSUED IN PIPE TRANSACTIONS.** Each Fund may invest in securities that are purchased in private investment in public equity ("PIPE") transactions. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by the Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund's ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by the Fund may be deemed illiquid.

**FOREIGN INVESTING RISK.** Each Fund may invest in foreign companies (including Depositary Receipts) traded both within and outside of the United States. Investments in foreign companies and markets carry a number of economic, financial and political considerations that are not associated with the U.S. markets and that could unfavorably affect your account's performance. These risks are greater with respect to companies domiciled in developing and emerging countries.

Among those risks are: adverse political and economic developments or social instability; the imposition of foreign withholding taxes or exchange controls; expropriation or nationalization; greater price volatility; weak supervision and regulation of securities exchanges, brokers and issuers; higher brokerage costs; currency blockage (which could prevent cash from being brought back to the United States); fluctuations in foreign currency exchange rates and related conversion costs; settlement delays; more limited availability of public information regarding security issuers; the degree of governmental supervision regarding securities markets; different accounting, auditing, and financial standards; and difficulties in enforcing legal rights (particularly with regard to depositary receipts in which the holders may not have the same rights as shareholders).

Moreover, brokerage commissions, fees for custodial services, and other costs related to securities traded on foreign markets generally are greater than in the United States. Foreign securities markets have the potential for less liquidity and more volatility than United States securities markets. Such markets may have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to settle certain trades. The inability to sell a portfolio security due to settlement problems could result either in a loss to the Fund if the value of the portfolio security subsequently declined or, if the Fund had entered into a contract to sell the security, could result in possible claims against the Fund.

**INITIAL PUBLIC OFFERINGS.** Each Fund may purchase equity securities in initial public offerings ("IPOs"). Such investments may have a magnified performance impact on a Fund due to the typical price volatility of securities sold in IPOs. Investments in IPOs also involve the risks that an active trading market may not develop or be sustained for the securities, that the issuer may not have a significant operating history, or that the issuer may not meet market expectations.

**FUTURES AND OPTIONS.** Each Fund may engage in transactions in options, futures, and options on futures contracts to hedge against anticipated declines in the market value of its portfolio securities and against increases in the market value of securities it intends to acquire. Each Fund may also engage in such transactions to protect against exposure to changing interest rates. Finally, each Fund may use these instruments to enhance total return or to invest in eligible asset classes with greater efficiency and lower cost than Heartland Advisors believes is possible through direct investments.

**OTHER investment strategies and investment risks**

Options and futures can be highly volatile investments and involve certain risks. These strategies require the ability to anticipate future movements in securities prices, interest rates, and other economic factors. Heartland Advisors' attempts to use such investments may not be successful and could result in reduction of a Fund's total return. A Fund's potential loss from the use of futures extends beyond its initial investment in such contracts. Each Fund could experience losses if the prices of its options or futures positions move in a direction different than anticipated, or if the Fund was unable to close out its positions due to disruptions in the market or lack of liquidity. Over-the-counter options generally involve greater credit and liquidity risks than exchange-traded options.

A Fund's use of options, futures, and other investment techniques for hedging purposes involves the risk that changes in the value of a hedging investment will not match those of the asset or security being hedged. Hedging is the use of one investment to offset the effects of another investment. Imperfect or no correlation of the values of the hedging instrument and the hedged security or asset might occur because of characteristics of the instruments themselves or unrelated factors involving, for example, the markets on which the instruments are traded. As a result, hedging strategies may not always be successful. While hedging strategies can help reduce or eliminate portfolio losses, they can also reduce or eliminate portfolio gains. Each Fund qualifies as a "limited derivatives user" under the SEC's derivatives rule (Rule 18f-4 under the 1940 Act) as of the date of this Prospectus.

Each Fund will engage in futures transactions and other commodity interests transactions for other than bona fide hedging purposes only in accordance with de minimis limits set forth under Rule 4.5 of the Commodity Exchange Act.

**CONVERTIBLE SECURITIES RISK.** A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. Convertible securities are senior to common stock in an issuer's capital structure, but are subordinated to any senior debt securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

**PREFERRED STOCK RISK.** A preferred stock has a blend of the characteristics of bonds and common stock. It may offer the higher yield of a bond and has priority over common stock in equity ownership, but it does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Preferred stock has preference over common stock in the receipt of dividends or in any residual assets or both after payment to creditors should the issuer be dissolved. Although the dividend on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or discontinued by the issuer.

**DEBT SECURITIES.** Each Fund may invest in debt securities, such as notes and bonds, that meet the Fund's investment criteria. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that an issuer of an instrument will be unable to make interest payments or repay principal when due. Changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value. Interest rate risk is the risk that interest rates may increase, which tends to reduce the resale value of certain debt securities. Debt securities with longer maturities are generally more sensitive to interest rate changes than those with shorter maturities. Changes in market interest rates do not affect the rate payable on an existing debt security, unless the instrument has adjustable or variable rate features, which can reduce its exposure to interest rate risk. Changes in market interest rates may also extend or shorten the duration of certain types of instruments, such as asset-backed securities, thereby affecting their value and the return on your investment.

**HIGH-YIELD DEBT SECURITIES.** Each Fund's investment program permits it to invest in non-investment grade debt obligations, sometimes referred to as "junk bonds" (hereinafter referred to as "lower-quality securities"). Lower-quality securities are those securities that are rated lower than investment grade and unrated securities believed by Heartland Advisors to be of comparable quality. Although these securities generally offer higher yields than investment grade securities with similar maturities, lower-quality securities involve greater risks, including the possibility of default or bankruptcy. In general, they are regarded to be more speculative with respect to the issuer's capacity to pay interest and repay principal.

**WHEN-ISSUED AND DELAYED-DELIVERY SECURITIES; FORWARD COMMITMENTS.** Each Fund may purchase securities on a when-issued or delayed-delivery basis, and may purchase forward commitments. Although the payment and interest terms of these securities are established at the time the purchaser enters into the commitment, the securities may be delivered and paid for a month or more after the purchase date. Each Fund may purchase securities in this manner in order to secure a potentially advantageous price and yield, but the value of the security could change before settlement. Therefore, although a Fund will make such commitments only with the intention of actually acquiring the securities, it may sell the securities before settlement if it is deemed advisable for investment reasons. When-issued or delayed-delivery securities may sometimes be purchased on a "dollar roll" basis, meaning that a Fund will sell securities with a commitment to purchase similar, but not identical, securities at a future date. Dollar rolls are engaged in when Heartland Advisors believes securities similar to those sold can be purchased a short time later at a lower price.

**OTHER investment strategies and investment risks**

**CYBERSECURITY RISK.** The computer systems, networks and devices used by Heartland and its service providers to carry out business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network and computer failures and security breaches. Despite such protections, systems, networks and devices potentially can be breached. Cyber attacks include unauthorized access to systems, networks or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable or otherwise disrupt operations, business processes or website access or functionality. Cybersecurity breaches may cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Heartland or service providers to trade, violations of privacy and other laws, regulatory fines, reputational damage, reimbursement costs and additional compliance costs, as well as the inadvertent release of confidential information. Cybersecurity risks are enhanced during periods of business disruption, particularly during periods of long business disruptions that require an increase in telecommuting, such as widespread public health emergencies or other natural or man-made disasters.

The use of Internet- or cloud-based programs, technologies and data storage applications generally heightens cybersecurity risks and could subject a Fund to substantial losses, including losses relating to misappropriation of assets, intellectual property, or confidential information; corruption, deletion, or destruction of data; physical damage and repairs to systems; reputational harm; financial losses from remedial actions; and disruption of operations. Third parties, including activist, criminal, nation-state, or terrorist actors, may also attempt fraudulently to induce Fund personnel to disclose sensitive information (including passwords) to gain access to data, accounts, funds, or other assets, or otherwise to inflict harm.

**REDEMPTION RISK.** Each Fund may experience periods of redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that a Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in a Fund could hurt performance and/or cause the remaining shareholders in the Fund to lose money. If a Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of your investment could decline.

**CASH MANAGEMENT AND DEFENSIVE INVESTING RISK.** The value of the investments held by a Fund for cash management or defensive investing purposes can fluctuate. If a Fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. If a Fund holds cash uninvested, the Fund will not earn income on the cash. If a significant amount of a Fund's assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

**INDEX DEFINITIONS**

**The Russell Midcap**<sup>®</sup> **Value Index** measures the performance of those Russell Midcap<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth characteristics.

**The Russell 2000<sup>®</sup> Value Index** measures the performance of those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values.

**The Russell 3000<sup>®</sup> Index** measures the performance of the largest 3,000 US companies designed to represent approximately 98% of the investable US equity market.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.

All indices are unmanaged. It is not possible to invest directly in an index. The indices are used herein for comparative purposes in accordance with SEC regulations.

**OTHER DEFINITIONS**

**Total return** measures the change in the share price of a Fund and assumes the reinvestment of net investment income and net capital gain distributions. **Cumulative total return** is actual return for a given period, but does not indicate how much return fluctuated during the period. **Average annual total return** is the hypothetical constant annual return that would have produced a Fund's cumulative return for a given period. It should not be confused with actual annual returns, the sum of which over a given period produces a Fund's cumulative total return. **After-tax returns** measure the impact of assumed federal income taxes calculated using the highest historical individual federal marginal rates. After-tax returns do not reflect state or local taxes and actual after-tax returns depend on the investor's tax situation and may differ from those shown. **Return after taxes on distributions** measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. **Return after taxes on distributions and sale of Fund shares** shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period, including the assumed tax benefit of a loss realized upon sale.

Heartland Advisors defines market cap ranges by the following indices.

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| | | |
|:---|:---|:---|
| **Market Cap** | **Definition** | **Current Range\*** |
| Micro-Cap | Russell Microcap<sup>®</sup> | $30.3M - $1.3B |
| Small-Cap | Russell 2000<sup>®</sup> | $119.4M - $7.4B |
| Mid-Cap | Russell Midcap<sup>®</sup> | $2.0B – $58.5B |
| Large-Cap | Russell Top 200<sup>®</sup> | $43.7B - $3,192.2B |

---

<sup>\*As of April 30, 2025</sup>

**OTHER investment strategies and investment risks**

**INFORMATION REGARDING INVESTMENT RETURNS**

**PORTFOLIO PERFORMANCE VS. INDEX PERFORMANCE.** The information about each Fund's past performance includes a comparison of the Fund's average annual total returns to those of a broad measure of market performance, as well as the Fund's benchmark index. An index is not available for a direct investment, and past performance cannot guarantee or predict future results. Unlike an index, each Fund is affected by operating expenses and cash flow activity caused by daily purchases and redemptions. In addition, a Fund's investment portfolio will differ from the index in terms of the specific securities it holds and in terms of the number and size of holdings or securities, their relative sector and industry weightings, the market capitalization of individual securities, and the median capitalization of the index and the Fund overall. For these reasons, the performance of each Fund will vary from that of its comparative index.

**FEE WAIVERS.** A fee waiver and/or expense reimbursement is currently in effect for the Mid Cap Value Fund. In addition, voluntary fee waivers may have been in effect for certain Funds during periods in which performance information is presented. Without such fee waivers and/or expense reimbursements, a Fund's returns as presented in the summary section of this Prospectus and in the tables on the following page would have been lower.

**how to invest**

**DISTRIBUTION AND SERVICING FEES**

**RULE 12B-1 FEES.** Each Fund has adopted a reimbursement plan under Rule 12b-1 of the 1940 Act (the "Rule 12b-1 Plan"), whereby each Fund pays its principal underwriter and distributor, ALPS Distributors, Inc. (the "Distributor"), a fee (the "Rule 12b-1 Fee") which is calculated and paid monthly at an annual rate of up to 0.25% of the average daily net assets of that Fund's Investor Class Shares. The Rule 12b-1 Fee is used to pay the Distributor for distribution services and reimburse the Distributor for other distributing and servicing expenses incurred on behalf of each Fund's Investor Class Shares. Any amount of such payment not paid by the Distributor during a Fund's fiscal year for distributing and servicing the Fund's shares is reimbursed by the Distributor to the applicable Fund as soon as practicable after the end of the fiscal year. The table below shows the maximum rate of the Rule 12b-1 Fee for each class of shares of each Fund.

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| | | |
|:---|:---|:---|
| **NAME OF FUND** | Investor Class<br> Shares | Institutional Class<br> Shares |
| Mid Cap Value Fund | 0.25% |  |
| Value Plus Fund | 0.25% |  |
| Value Fund | 0.25% |  |

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All or a portion of the Rule 12b-1 Fee may be paid, pursuant to contractual commitments or other authorized arrangements, to brokers, dealers, banks, and other financial intermediaries (including Heartland Advisors) who provide assistance in distributing or promoting the sale of a Fund's shares or who provide shareholder services to their customers who hold shares of a Fund. Heartland Advisors receives reimbursement from a Fund's Rule 12b-1 Plan for a portion of marketing and sales support positions that provide eligible services under the Rule 12b-1 Plan. For the most recent fiscal year, the Mid Cap Value Fund, Value Plus Fund and Value Fund incurred Rule 12b-1 Fees amounting to approximately 0.22%, 0.25% and 0.16%, respectively, of Investor Class Shares' average daily net assets. Because the Rule 12b-1 Fee is paid out of a Fund's assets on an ongoing basis, payment of the Rule 12b-1 Fee will increase the cost of your investment in Investor Class Shares and may cost you more over time than paying other types of sales charges imposed by some mutual funds.

**PAYMENTS TO FINANCIAL INTERMEDIARIES.** The Funds and/or the Distributor have entered into shareholder support services agreements with certain broker-dealers and other intermediaries whereby the financial intermediary provides administrative services to individual shareholders that hold shares of a Fund through an omnibus account, networked accounts, or a similar arrangement with the financial intermediary. Such services may include, but are not limited to: (1) establishing and maintaining shareholder accounts; (2) providing information periodically to shareholders showing their ownership in a Fund; (3) processing purchase, exchange, and redemption requests from shareholders and placing such orders with Heartland or its service providers; (4) responding to shareholder inquiries; (5) forwarding documents and other communications from Heartland (such as proxies, shareholder reports, annual and semi-annual financial statements and dividend, distribution and tax notices) to shareholders; (6) assisting shareholders in changing dividend options, account designations, and addresses; (7) providing subaccounting and tax reporting services; (8) processing dividend and other payments from Heartland on behalf of the shareholders; (9) providing recordkeeping services; and (10) providing such other administrative services as Heartland may reasonably request or to which the parties may agree. In consideration for such services, a financial intermediary is compensated by a Fund at an annual rate based upon a percentage of the average daily NAV of the applicable class of shares of such Fund or a fixed dollar amount based on the number of accounts in the applicable class of shares of a Fund. Payments to financial intermediaries for such services, sometimes referred to as "sub-TA fees", may vary based on a number of factors, including, but not limited to, the type of intermediary, the types and level of services provided, and the level of assets invested in the Funds. Any payments of sub-TA fees made pursuant to such agreements are in addition to the Rule 12b-1 Fee the financial intermediary may also be receiving. Sub-TA fees paid by the Funds are included in the total amount of "Other Expenses" listed in the Funds' Fees and Expenses table in the Prospectus.

Heartland Advisors, a Fund or share class may also pay set up or other program fees to financial intermediaries so that the customers of the financial intermediary may receive the shareholder support services described above. These payments are typically structured as a flat annual fee.

Heartland Advisors, at its expense, makes additional payments to brokers, dealers, and other financial intermediaries for shareholder services, program fees and as an incentive to sell shares of a Fund and/or promote retention of their customer's assets in the Funds. These payments, sometimes referred to as "revenue sharing," do not change the price paid by investors to purchase the Funds' shares or the amount the Funds receive as proceeds from such sales. Revenue sharing payments may be made to brokers, dealers, and other financial intermediaries that provide services to the Funds or to shareholders of the Funds, including shareholder servicing, transaction processing, recordkeeping, sub-accounting, and other administrative services to their customers in connection with investments in the Funds. Revenue sharing payments may also be made to brokers, dealers, and other financial intermediaries for inclusion of the Funds on preferred or recommended lists and for granting Heartland Advisors access to sales meetings, sales representatives, and management representatives of the broker, dealer, or other financial intermediaries. Heartland Advisors may also make payments to financial intermediaries out of its own assets to offset certain expenses relating to services that are provided to Fund shareholders through "no transaction fee" or other investment platforms offered by such financial intermediaries and for the provision of services with respect to a Fund or share class offered on an intermediary's system. In some cases, Heartland Advisors is required to pay a minimum fee to intermediaries under revenue sharing arrangements. Revenue sharing payments are typically calculated as a percentage of the assets of the Fund held by the firm's customers or may include per trade ticket charges and are in addition to any distribution, administrative, or shareholder servicing fees or other fees or charges paid from the Funds' assets to these financial intermediaries or by shareholders directly. These arrangements will not, however, change the price a shareholder pays for Fund shares or the amount that a Fund receives to invest on behalf of the shareholder. Revenue sharing payments may incentivize a financial intermediary to recommend shares of the Heartland Funds over shares of other mutual funds.

**how to invest**

From time to time, and in accordance with applicable rules and regulations, Heartland Advisors may also provide non-cash compensation, such as gifts, meals, tickets, or event sponsorship, to representatives of various intermediaries who sell Fund shares or provide services to Fund shareholders.

The receipt of compensation from the Funds or Heartland Advisors may provide an incentive to a financial intermediary, or its representatives, to favor sales of a Heartland Fund over sales of other financial products.

**PURCHASING SHARES OF THE FUNDS**

**TWO CLASSES OF SHARES.** Each Fund offers two classes of shares: Investor Class Shares and Institutional Class Shares. Each Class has its own expense structure and minimum investment amounts, allowing you to choose the Class that best meets your situation.

The following table shows the available classes of shares and highlights some of the differences between the two classes.

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| | | |
|:---|:---|:---|
| **FEATURES OF CLASS** | Investor Class<br> Shares | Institutional Class<br> Shares |
| Eligible investors | Open to All Investors | Open only to Eligible Investors<sup>(1)</sup> |
| Front-end sales charge |  |  |
| Contingent deferred sales charge |  |  |
| Redemption Fee<sup>(2)</sup> | 2% | 2% |
| 12b-1 Fee | Up to 0.25% of average daily net assets |  |
| Minimum investment amount<sup>(3)(4)</sup> | $1000 | $500000 |

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(1) Please
 refer to "Purchasing Institutional Class Shares" below for a description
 of investors that are eligible to purchase Institutional Class Shares.

(2) As
 a percentage of the then-current NAV of any shares of the Fund that are redeemed or exchanged
 within 10 days after they were purchased.

(3) Minimum
 investment amount may vary according to type of account. Please refer to "Purchasing
 Investor Class Shares" and "Purchasing Institutional Class Shares"
 below for a description of minimum investment amounts.

(4) Each
 Fund may waive or lower its investment minimums for any reason. Different minimums may apply
 to accounts opened through third parties.

**PURCHASING INVESTOR CLASS SHARES**

**ELIGIBLE INVESTORS**. Investor Class Shares are offered to all types of investors directly and through mutual fund supermarkets or platforms offered by broker-dealers or other financial intermediaries.

**MINIMUM INVESTMENTS**. If you purchase Investor Class Shares directly from a Fund, your initial investment must be for a minimum of $1,000, except for IRAs, Coverdell Education Savings Accounts ("ESAs"), and regular accounts opened with an automatic investment plan. Subsequent purchases made, other than through reinvestment of distributions or an automatic investment plan, must be for a minimum of $100. Each Fund may waive or lower its investment minimums for any reason. Different minimums may apply to accounts opened through third parties. The following table shows the minimum initial amounts that apply to your purchases of Investor Class Shares of a Fund.

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| | | | |
|:---|:---|:---|:---|
|  | Regular <br> Account<sup>(1)</sup> | IRA <br> Account | Coverdell <br> ESA |
| Mid Cap Value Fund | $1000 | $500 | $500 |
| Value Plus Fund | $1000 | $500 | $500 |
| Value Fund | $1000 | $500 | $500 |

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(1) Regular
 accounts include joint accounts, individual accounts, custodial accounts, trust accounts,
 and corporate accounts. The minimum initial investment is waived when an account is established
 with an automatic investment plan.

**FEES**. Investor Class Shares of the Funds are sold without a sales charge. The Investor Class Shares of each Fund are subject to a 12b-1 Fee calculated at the annual rate of up to 0.25% of the average daily net assets of the Investor Class Shares of that Fund. Investor Class Shares may be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as agent for the investor. An investor transacting in Investor Class Shares in these programs may pay a commission or other forms of compensation to the broker.

**PURCHASING INSTITUTIONAL CLASS SHARES**

**ELIGIBLE INVESTORS**. Institutional Class Shares are offered to all types of investors directly and through mutual fund supermarkets or platforms offered by broker-dealers or other financial intermediaries, provided that the investor meets the minimum investment threshold for Institutional Class Shares discussed below.

**MINIMUM INVESTMENTS**. The minimum initial investment for the Institutional Class Shares, including for IRAs, is $500,000 and for additional purchases of Institutional Class Shares is $100. Investors generally may meet the minimum investment amount by aggregating multiple accounts with common ownership or discretionary control within a single Fund. The following investors will not be subject to the investment minimum with respect to the Institutional Class Shares: qualified retirement or profit sharing plans opened through third party service providers or recordkeepers; financial advisors; institutions or individuals that have a strategic business relationship with Heartland Advisors; employees of Heartland Advisors and their immediate family members; Heartland Advisors' investment advisory clients; and independent directors of Heartland Funds.

**how to invest**

**FEES**. Institutional Class Shares of the Funds are sold without a sales charge and are not subject to a 12b-1 Fee. Institutional Class Shares may be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as agent for the investor. An investor transacting in Institutional Class Shares in these programs may pay a commission or other forms of compensation to the broker.

**PURCHASING SHARES GENERALLY**

**ELIGIBILITY TO BUY SHARES**. Each Fund is available for purchase only by residents of the U.S. and certain U.S. territories. Please contact Heartland Advisors or the Distributor for a list of the U.S. territories. After opening an account, if you cease to reside in one of these areas, you will be ineligible to purchase additional shares, except those purchased through reinvestment of net investment income and net capital gain distributions.

**TIME OF PURCHASE; FORM OF PAYMENT**. Your purchase of a Fund's shares will be made at the NAV per share next determined after the Fund or its authorized agent receives your purchase request. Your order will not be accepted unless your application or other documentation is complete, your identity is confirmed, and payment in the proper form and amount accompanies your application. Payment must be in U.S. dollars by a check drawn on a bank in the U.S., wire transfer, or electronic transfer. The Funds will generally not accept cash, traveler's checks, starter checks, money orders, third party checks (except for properly endorsed IRA rollover checks), checks drawn on foreign banks, or checks issued by credit card companies or Internet-based companies. Shares purchased by checks that are returned will be canceled and you will be liable for any losses or fees incurred by the Fund or its agents, including bank handling charges for returned checks. Once accepted by the Fund or its authorized agent, you may not cancel or revoke your purchase request, but you may redeem your shares at the next determined NAV for the Fund, which may be subject to a redemption fee. However, the Fund may withhold these redemption proceeds until the Fund is reasonably satisfied it has received your payment, which may take up to 15 days.

**PURCHASES THROUGH THIRD PARTIES**. You may purchase shares through a third party broker-dealer or other financial intermediary, but Heartland reserves the right to refuse purchases through any intermediary arrangement that, among other reasons, the officers of Heartland determine employs investment strategies that are not in the best interests of the Funds or their shareholders. Shares purchased through third parties may be subject to special fees, such as transaction fees, different investment minimums and other conditions imposed by these third parties, that do not apply if you purchase your shares directly from a Fund. Third parties also may place limits on your ability to use the shareholder services or receive shareholder information described in this Prospectus.

Heartland has allowed some third parties to authorize selected designees to accept purchase orders for the third party on a Fund's behalf. If you purchase shares through a third party which is also an authorized agent of the Funds, your order will be processed at the NAV per share next determined after the third party (or its authorized designee) receives your order.

If you place an order for Fund shares through a financial intermediary that is not an authorized agent of the Funds in accordance with such financial intermediary's procedures, and such financial intermediary then transmits your order to the Funds in accordance with the Funds' instructions, your purchase will be processed at the NAV next determined after the Funds receive your order from that intermediary. The financial intermediary must promise to send to the Funds immediately available funds in the amount of the purchase price in accordance with the Funds' procedures. If payment is not received within the time specified, the Funds may rescind the transaction and the financial intermediary will be held liable for any resulting fees or losses.

If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Funds and Heartland Advisors may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend a Heartland Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**PURCHASES BY SHAREHOLDERS WHO ARE NOT INDIVIDUALS.** For corporate, trust, partnership, and other institutional accounts, additional documentation to substantiate the existence of the organization (i.e., Articles of Incorporation, Trust Agreements, Partnership Agreements, or other official documents) is required to open an account. If you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account.

**HOW TO PURCHASE SHARES**

**BY MAIL**

**TO OPEN AN ACCOUNT, PLEASE COMPLETE ONE OF THE FOLLOWING:**

● Account Application

● IRA Application

● Coverdell ESA Application

Additional IRA Forms and/or organizational documents may be required.

Please make your purchase check payable to Heartland Funds and mail the completed, signed application, along with your investment check, to the appropriate address below.

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| | |
|:---|:---|
| **via U.S. Postal Service**<br> Heartland Funds<br> PO Box 219942<br> Kansas City, MO 64121-9942 | **via Express Courier**<br> For the overnight mailing<br> address, please call Investor<br> Services at 1-800-432-7856 |

---

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Heartland Funds' post office box, of purchase orders or redemption requests does not constitute receipt by the Funds.

**how to invest**

To add to an account, detach the Additional Investment Form from your account statement and submit with your check payable to Heartland Funds to the appropriate address listed above. You may also make additional investments through the Internet by logging into your account. Please note that bank instructions must be established on your account prior to the transaction.

**BY TELEPHONE**

If you have already opened an account with Heartland Funds and established your bank account information, you may call Heartland Funds at 1-800-432-7856 to request a purchase of shares by authorizing the amount to be drafted from your bank account. In order to purchase by telephone, you must add the telephone purchase option to your existing account by completing the Account Maintenance Form. Generally, purchases will be made at the NAV per share next determined after instructions are received. Transactions placed by telephone for which Heartland is unable to successfully draft from your bank account will be canceled.

**BY INTERNET**

**TO OPEN AN ACCOUNT BY INTERNET, PLEASE VISIT HEARTLANDADVISORS.COM**

Some account types that require additional documentation may not be opened online. All online applications submitted are subject to review and will be confirmed upon acceptance.

When establishing an account online, you will be required to provide active bank account information to facilitate transactions.

You may also make additional investments through the Internet by logging into your account. Transactions placed by Internet for which Heartland is unable to successfully draft from your bank account will be canceled.

**BY WIRE**

**TO OPEN AN ACCOUNT BY WIRE, PLEASE COMPLETE ONE OF THE FOLLOWING:**

● Account Application

● IRA Application

● Coverdell ESA Application

Additional IRA Forms and/or organizational documents may be required.

Contact **Heartland Shareholder Services at 1-800-432-7856** for further instructions. If Heartland Funds is not informed of the new account and wire purchase prior to market close on the business day wire instructions are delivered to Heartland Funds or its agents, your purchase may be delayed or canceled.

Please note that your financial institution may charge a fee to wire funds.

**BY AUTOMATIC INVESTMENT**

To set up an Automatic Investment Plan, complete the automatic investment section of the Account Application or the Account Maintenance Form (for existing accounts) and attach a voided check. Return the form to the appropriate address. Automatic Investment Plans may be established for a minimum of $50 per bank draft.

**BY EXCHANGE**

New accounts may be opened by exchange and will have identical registration and services as the account from which the funds were exchanged. Please note that an exchange may be subject to an early redemption fee and will be treated as a redemption of shares upon which you will realize a taxable gain or loss, unless your Fund shares are held in a tax-deferred or other tax-advantaged account. Please consult with your tax advisor.

Exchanges may be placed in writing, by telephone, or through the Internet by logging into your established Heartland Funds account.

**How to redeem**

**REDEEMING SHARES GENERALLY**

**TIME OF REDEMPTION; FORM OF INSTRUCTIONS AND PAYMENT**. Your shares will be redeemed at the NAV per share next determined after your instructions are received by the Funds or their authorized agent. A redemption order will not be accepted unless the order and related information are complete. The Funds will not accept an order with instructions for redemption on a particular date or at a particular price. The Funds use procedures reasonably designed to authenticate telephone instructions including, for example, requesting personal identification information from callers. The Funds are not liable for any losses due to unauthorized or fraudulent telephone instructions if these procedures are followed. Once accepted by the Funds or their authorized agent, you may not cancel or revoke your redemption order.

Available proceeds are generally mailed within two business days, or wired on the next business day, after a Fund or its authorized agent accepts your redemption request, although they could be delayed for up to seven days. If a Fund has sold securities to generate cash to meet your redemption request, the redemption proceeds may be postponed until the first business day after the Fund receives the sales proceeds. If redemption instructions are received for shares that have not been paid for, your shares will be redeemed, but the Funds reserve the right to hold the proceeds until payment of the purchase price can be confirmed, which may take up to 15 days. This type of delay can be avoided by purchasing shares by federal funds wire. The Funds do not guarantee the time of receipt of your proceeds and are not responsible for delays in mail or wire services. In limited circumstances, as permitted by the SEC (such as when the New York Stock Exchange ("NYSE") is closed or trading is restricted, or when an emergency exists), the Funds may elect to suspend the redemption of shares.

Typically, the Funds will hold cash or cash equivalents and use the overdraft protection afforded by the Funds' custodian bank to meet redemption requests. The Funds may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Funds. Additionally, the Funds may enter into a line of credit with a bank for temporary purposes to meet redemption requests in situations where borrowing may be preferable to the liquidation of portfolio securities. The Funds also participate in a liquidity program with ReFlow Fund, LLC to provide cash to meet net shareholder redemptions, as more fully described in the SAI. These methods to meet redemption requests may be used regularly and may also be used in stressed market conditions.

Although proceeds generally will be paid in cash, the Funds reserve the right to pay redemptions in the amount of more than $250,000 or 1% of the net assets of the Fund during any 90-day period for any one shareholder "in kind," which means you would be paid in portfolio securities of the Fund being redeemed. If this occurred, you might incur transaction costs when you sell the portfolio securities. Portfolio securities may be illiquid and may not be saleable at the time they are received. For federal income tax purposes, redemptions paid in kind are taxed in the same manner to a redeeming shareholder as redemptions paid in cash. Although the Funds generally pay redemptions in cash, redemptions in kind may be used regularly when deemed advisable by Heartland Advisors and may also be used in unusual or stressed market conditions. A redemption in kind will generally be in the form of a pro-rata portion of a Fund's portfolio, but may be in the form of a representative basket of securities if the redemption is not large enough to distribute a pro-rata portion, or in the form of individual securities if the redemption is not large enough to distribute a representative basket.

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for at least six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV or take other measures as allowable by law unless, and until, you give the Funds different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**REDEMPTIONS BY SHAREHOLDERS WHO ARE NOT INDIVIDUALS**. For corporate, trust, partnership, and other institutional accounts, the persons signing the redemption request should also indicate their office or other fiduciary capacity. A certified corporate resolution evidencing the signing officer's authority to sign on behalf of a corporate shareholder is also required. Executors, administrators, guardians, trusts, and other institutional shareholders should call Heartland prior to mailing their instructions to determine if other documentation may be required.

**REDEMPTIONS THROUGH THIRD PARTIES**. You may redeem shares through a third party broker-dealer or other financial institution provided the third party presents documentation satisfactory to the Funds indicating it is your authorized agent. Third parties may charge fees for their services and impose terms or conditions that do not apply if you do business directly with the Funds. Heartland has allowed some third parties to authorize selected designees to accept redemption orders for the third party on the Funds' behalf. If you redeem shares through a third party which is also an authorized agent of the Funds, your order will be processed at the NAV per share next determined after the third party (or its authorized designee) receives your order; orders through a non-authorized intermediary will be processed at the NAV per share next determined after receipt of the order by the Funds.

**INVOLUNTARY REDEMPTION**. If you do not participate in an Automatic Investment Plan or do not qualify for an exemption from the minimum initial investment for a particular Fund and/or Share Class, and your account value with respect to the Fund's Shares falls below $500 for Investor Class Shares or $400,000 for Institutional Class Shares, for three consecutive months or more, we may redeem all of your shares in that account, at the Fund's NAV per share next determined after we redeem your shares, upon 60 days' advance notice to you. You may avoid an involuntary redemption by making additional investments to bring your account value up to at least $500 for Investor Class Shares or $400,000 for Institutional Class Shares.

**How to redeem**

**EARLY REDEMPTION FEE**. Shares of any Heartland Fund that are redeemed or exchanged within 10 days after purchase will be assessed a 2% fee on the NAV of the shares next determined after your request for redemption is received. The fee will apply to shares being redeemed or exchanged in the order in which they are purchased, treating shares that have been held the longest in an account as being redeemed first. The fee is paid to the applicable Fund and is deducted from your redemption proceeds. The purpose of this early redemption fee is to discourage market timing and other short-term trading in the Funds. Short-term trading may be disruptive to the Funds' normal investment operations and harmful to the interests of long-term shareholders. Heartland reserves the right to modify the terms of or terminate this fee at any time upon notice to shareholders.

The early redemption fee will be waived under the following circumstances:

● For shares held in an account of certain retirement or profit-sharing plans;

● For shares held in tax-favored savings plans;

● For shares purchased by ReFlow Fund, LLC;

● For shares held in asset allocation programs, wrap accounts, or certain similar accounts, if approved by Heartland;

● For shares purchased by automatic reinvestment of income or capital gains distributions from any Heartland Fund;

● For shares purchased through an automatic investment plan; and

● For shares redeemed through a systematic withdrawal plan.

In addition, the early redemption fee may be waived if the Funds do not have the capability to charge the fee. For example, this may occur if the Funds cannot reasonably identify a shareholder who trades through an omnibus account held by a third party or financial intermediary, or reasonably detect short-term trading through such an account. In addition, certain third parties or financial intermediaries may apply different or additional redemption fees or charges.

**HOW TO REDEEM SHARES**

**BY MAIL**

**PROVIDE A LETTER OF INSTRUCTION THAT INCLUDES:**

● The names and signatures of all account owners

● Your Heartland account number

● Your telephone number

● The dollar amount or number of shares that you would like to redeem (sell)

● Any special payment instructions

● Any special documents requested by Heartland to assure proper authorization for the redemption

● IRA redemptions must include a statement of withholding. If no statement is made, Heartland Funds will withhold 10%.

We will mail the proceeds to the address on the account unless otherwise requested in your written instructions. Instructions for redemptions over $100,000, including those through IRA transfers, and those that request delivery to a bank account or address other than the address of record on the account may require a Medallion Signature Guarantee. If your redemption is for your Required Minimum Distribution (RMD) from your retirement account and the proceeds are being sent to a Qualified Charitable Organization, a Medallion Signature Guarantee is not required for redemptions under $50,000.

Please mail your redemption instructions to Heartland Funds at the appropriate address below.

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| | |
|:---|:---|
| **via U.S. Postal Service**<br> Heartland Funds<br> PO Box 219942<br> Kansas City, MO 64121-9942 | **via Express Courier**<br> For the overnight mailing<br> address, please call Investor<br> Services at 1-800-432-7856 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Heartland Funds' post office box, of purchase orders or redemption requests does not constitute receipt by the Funds.

**BY TELEPHONE**

Call a Heartland Funds' representative toll-free at 1-800-432-7856 to request your redemption. Redemption requests for an IRA or Coverdell ESA may be allowed over the phone in limited circumstances, that may include, normal, pre-mature, and pre-mature exempt distributions. Heartland reserves the right to request that any redemption request be made in writing. You will be asked to provide personal identification information to confirm your identity. A check will be mailed to the address of record for the account unless other arrangements have been pre-authorized. Express mail delivery is available upon request for an additional charge and additional charges may apply for Saturday delivery.

Wire and Electronic Funds transfer services are available; however, they must be pre-authorized in writing. Contact a representative for information on adding this option to your account. Wire transfers are subject to a fee.

The Funds are not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank, when shareholder payment instructions are followed.

**BY INTERNET**

Shareholders who hold their account directly with Heartland may redeem shares by accessing their account online at heartlandadvisors.com. Redemption proceeds from online transactions may be mailed to the address of record, or may be sent electronically to a bank account that has been previously established for this purpose.

The Funds are not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank, when shareholder payment instructions are followed.

**BY SYSTEMATIC WITHDRAWAL**

Call a Heartland Funds representative toll-free at 1-800-432-7856 to request or visit our website at heartlandadvisors.com to download an Account Maintenance Form to add a systematic withdrawal plan to your account.

**How to redeem**

**HOW MAY WE HELP YOU?**

1-800-432-7856

heartlandadvisors.com

If you wish to make a telephone transaction under one of the purchase or redemption options described, please call Shareholder Services at **1-800-432-7856**. If you have a question about investing or need forms described above, call Shareholder Services at the number above or visit our website at heartlandadvisors.com.

Please note that you may terminate or change any option you elect at any time upon five days' advance notice to the Funds.

**ACCOUNT POLICIES**

**HOW TO RECEIVE ACCOUNT INFORMATION**

**BY TELEPHONE**

Call 1-800-432-7856

Heartland Funds' representatives are available to answer your questions from 8:00 a.m. to 7:00 p.m. Central Time, Monday through Friday.

Account balance information is also available over the automated telephone line 24 hours a day, seven days per week. You will be asked to establish a personal identification number for account access.

**OVER THE INTERNET**

Shareholders who hold their account directly with Heartland may visit our website at heartlandadvisors.com and click on the "Log In" link. Follow the registration/log in instructions to access your account. You may view account balances, registration, and history. Please refer to "E-Delivery of Fund Documents," on page 31, for additional information regarding receiving fund documents by E-Delivery.

**BY MAIL**

Account statements are mailed at the end of each calendar quarter. If you would like to receive a printed statement at any time, please contact Shareholder Services at 1-800-432-7856.

**EXCHANGING AND CONVERTING SHARES**

Unless you instruct the Funds that you do not want this service, you are automatically permitted to purchase shares of any Heartland Fund with the redemption proceeds from your account in any other Heartland Fund. This type of transaction is referred to as an "exchange" and may be effected by writing or calling the Funds. Subject to compliance with applicable minimum initial and subsequent investment requirements and other restrictions applicable to the Fund you would like to purchase, you may exchange your shares of any Fund for shares of the same class of any other Heartland Fund. Before engaging in any exchange, you should obtain from Heartland and read the current Prospectus for the Fund you intend to purchase. Telephone exchanges may only occur between identically registered accounts.

Investments in any Heartland Fund are subject to the terms and conditions of that Fund's Prospectus. Exchanges are subject to the early redemption fee discussed above and the excessive account activity restrictions discussed below. You may obtain a current Prospectus by calling 1-800-432-7856 or visiting heartlandadvisors.com.

You should bear in mind, with regard to all exchanges, that an exchange of shares of a Heartland Fund for shares of any other Heartland Fund is considered a redemption of the shares of the mutual fund from which you are exchanging, and a purchase of shares of the mutual fund into which you are exchanging. Accordingly, you must comply with all of the conditions on redemptions for the shares being exchanged, and with all of the conditions on purchases for the shares you receive in the exchange. Moreover, for tax purposes you will be considered to have sold the shares exchanged, and you may realize a gain or loss for federal income tax purposes on that sale. These exchange privileges may be modified or terminated at any time.

You may also convert shares of one share class of a Heartland Fund for a different share class of the same Fund if you meet the minimum initial investment, eligibility criteria and other requirements for investment in the share class you are converting into. Share class conversions are based on the relevant NAVs of the applicable share classes at the time of the conversion, and no charge is imposed. A conversion from one class to another within the same Fund will not be a taxable transaction. To obtain more information about share class conversions, or to place conversion orders, contact the Transfer Agent or, if your shares are held in an account with a financial intermediary, contact the financial intermediary. Your financial intermediary may impose conditions on such transactions in addition to those disclosed in this Prospectus. Heartland reserves the right to modify or eliminate exchange and conversion features.

**OTHER POLICIES**

**CUSTOMER IDENTIFICATION PROGRAM**. Heartland has adopted a customer identification program as required by the USA PATRIOT Act, as amended. The USA PATRIOT Act is designed to help the government fight the funding of terrorism and money laundering activities. It specifically requires all financial institutions, including mutual funds, to obtain, verify, and record information that identifies each person who opens an account.

Under Heartland's customer identification program, when you open an account we will ask for your name, street address (or APO/FPO), date of birth, social security number, and other information that will allow us to confirm your identity. Corporate accounts will require other similar information. If you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. We may also ask to see other identifying documents. Your shares will be purchased at the NAV next calculated after Heartland confirms your identity.

Heartland reserves the right not to open an account or process any purchases, exchanges, or redemptions unless and until we can confirm your identity. We also may close an account if there are any discrepancies in the identifying information you have provided. If your account is closed for this reason, your shares will be redeemed at the NAV next determined after the account is closed.

**EXCESSIVE ACCOUNT ACTIVITY**. An excessive number of purchases and redemptions by a shareholder (sometimes called short-term or frequent trading) may be harmful to a Fund and its long-term shareholders. Frequent purchases and redemptions of Fund shares may present certain risks to Fund shareholders such as dilution in the value of Fund shares held by long-term investors, interference with the efficient management of the Fund's portfolio, increased brokerage, transaction and administrative costs, and adverse tax consequences. Heartland and its Board of Directors have adopted policies and procedures with respect to frequent purchases and redemptions of shares of the Funds by shareholders, which are intended to discourage such activity, including the imposition of a 2% fee on redemptions or exchanges of Fund shares made within 10 days of purchase. See "Redeeming Shares Generally - Early Redemption Fee." Heartland also seeks to identify and detect frequent trading activity that may be disruptive to the Funds, although if such activity is made through omnibus accounts detection may be difficult. Heartland reserves the right to restrict or prohibit any purchase or exchange, and to terminate investment or exchange privileges, if the officers of Heartland determine, in their sole discretion, that any trading activity by a shareholder is not in the best interest of the Fund or its other shareholders. Heartland relies on the market timing policies of certain third parties and financial intermediaries, even if those policies are different from Heartland's policy, when Heartland believes that the policies are reasonably designed to prevent excessive trading practices that are detrimental to the Funds. The market timing polices of third parties or financial intermediaries may apply additional short-term trading and/or frequent trading limitations.

**ACCOUNT POLICIES**

**CONFIRMING YOUR TRANSACTIONS**. Heartland will send you a written confirmation of every purchase and redemption order in the Funds, excluding automatic transactions. You should always verify your order against your confirmation when you receive it. Please contact Heartland or the third party with whom you placed your order promptly if you notice any discrepancy. The statement will be deemed correct if you do not contact Heartland within 60 days of the date of the statement. Transaction activity records are available to registered users through the Heartland Funds website at heartlandadvisors.com.

Copies of historical account statements are available upon request.

**IRAS AND COVERDELL EDUCATION SAVINGS ACCOUNTS**. The Funds are available for investment under a self-directed IRA plan for individual investors as well as Simplified Employee Pension ("SEP") IRAs for self-employed persons and employers and Coverdell ESAs. The Funds are available for investment under these programs at a reduced initial investment minimum of $500 (for Investor Class Shares only). Booklets describing these programs and the forms necessary for establishing accounts under them are available upon request from Heartland or at heartlandadvisors.com.

The IRA and Coverdell ESA custodian charges an annual maintenance fee (currently $15.00) per IRA or ESA holder, which may also be charged on transfers or redemptions.

**BACKUP WITHHOLDING**. Under the Internal Revenue Code of 1986, as amended (the "Code"), you must furnish to the Funds your properly certified social security or other taxpayer identification number to avoid federal income tax backup withholding on net investment income and net capital gain distributions and redemption proceeds (except in the case of certain exempt shareholders). If you do not do so, or the Internal Revenue Service ("IRS") informs the Funds that your taxpayer identification number is incorrect, the Funds may be required to withhold a percentage of your taxable distributions and redemptions proceeds. Amounts withheld by the Funds are submitted to the IRS and are not usually recoverable by the Funds but are credited toward your federal income tax liability.

**SIGNATURE GUARANTEES**. To protect your account, the Funds reserve the right to require a Medallion Signature Guarantee, signature verification from a Signature Validation Program member, or other form of authentication from a financial institution source acceptable to the Transfer Agent (collectively referred to as a "signature guarantee") for written redemption instructions. Normally, a signature guarantee will be required if the written redemption proceeds will exceed $100,000. A signature guarantee will generally also be required if the proceeds are being paid to a third party, mailed to an address other than the address listed on a Fund's records or to an address that was changed within the last 30 days, or forwarded to a bank not identified on the Fund's records as authorized to receive the proceeds or to a bank account that was changed within the last 30 days. In addition to the situations described above, the Funds and/or their Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances of the particular situation. Acceptable guarantors include, among others, banks, and brokerage firms that are members of a domestic stock exchange. A Notary Public cannot guarantee signatures.

Medallion Signature Guarantees are issued by guarantors that participate in one of several signature guarantee programs that are designed to promote safe and accurate securities transactions. A Medallion Signature Guarantee provides additional protective measures through the use of special technology like bar codes, magnetic security ink, and scanners.

In certain circumstances, Heartland Advisors may authorize the use of an alternate verification process when obtaining a signature guarantee is not possible and the alternate process is deemed appropriate.

**RESERVED RIGHTS**. In addition to other reserved rights, the Funds may:

● Refuse, change, discontinue, or temporarily suspend account services, including purchase, exchange, or redemption privileges, for any reason;

● Reject any purchase request for any reason;

● Freeze any account and/or involuntarily redeem an account, if Heartland believes that the account is being used for fraudulent or illegal purposes. Heartland may take this action when, at its sole discretion, it deems the action to be in the Funds' best interest or when the Funds are requested or compelled to do so by governmental authority or by applicable law;

● Waive or lower any minimum dollar investment amount; and/or

● Suspend redemptions or postpone payments when the NYSE is closed, when trading on the NYSE is restricted, or when an emergency exists that prevents the Funds from disposing of its portfolio securities or pricing its shares.

**COST BASIS.** The Funds are required to report to you, and the IRS, the cost basis of your Fund shares acquired on or after January 1, 2012 ("covered shares") when they are subsequently redeemed or exchanged. The Funds will determine the cost basis of covered shares using the Average Cost Method, unless you elect in writing a different permissible method. Please see the SAI for more information regarding cost basis reporting, including information about the Average Cost Method.

**ACCOUNT POLICIES**

You are encouraged to consult your tax advisor regarding the application of these cost basis reporting rules and, in particular, which cost basis calculation method you should elect. Heartland representatives are not licensed tax advisors and are unable to give tax advice.

**INACTIVE ACCOUNTS.** Many states have added "inactivity" or the absence of customer-initiated contact as a component of their rules and guidelines for the escheatment of unclaimed property. This means that your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. If the Funds are unable to locate a shareholder, they will determine whether the shareholder's account can legally be considered abandoned. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution checks sent to you during the time the check remained uncashed. To learn more about the escheatment rules for your particular state, please contact your attorney or State Treasurer's and/or Controller's Offices.

**SHARE PRICE**

Shares of a Fund are purchased and redeemed at the NAV per share next determined following receipt of your order by the Fund or its authorized agent. NAV is the difference between the values of the Fund's assets and liabilities divided by the number of shares outstanding. It is determined as of the close of regular trading on the NYSE (generally 4:00 p.m., Eastern Time, but may be earlier in the case of a holiday or when an emergency exists) on each day the NYSE is open (the "Close of Trading"). The NYSE is closed on the following holidays: New Year's Day, Martin Luther King Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NYSE also may be closed on national days of mourning or due to natural disasters or other extraordinary events or emergencies. Orders received after the Close of Trading are priced at the NAV per share determined on the next business day of the Fund. Third parties acting as authorized agents of the Funds are required to segregate orders received after the Close of Trading and transmit those orders separately for execution at the NAV per share next determined.

For purposes of determining NAV for a particular Fund, the Fund's portfolio securities are valued on the basis of market quotations or at fair value. The Funds' Board of Directors has designated Heartland Advisors as its valuation designee. As such, Heartland Advisors is responsible for making fair value determinations of the Funds' investments in accordance with fair value policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act and subject to the oversight of the Board. Heartland Advisors has designated its Pricing Committee to be responsible for fair value determinations. The Pricing Committee will use a fair value methodology to value securities for which market quotations are not readily available or deemed unreliable. Market quotations are readily available in most instances for the common stocks and other equity securities in which the Funds invest. However, some of the securities held by the Funds may be illiquid or thinly traded due to their small market capitalizations, the size of the Fund's position, or otherwise, and are valued at their fair values. An equity security may also be priced at its fair value when the exchange on which the security is principally traded closes early or when trading in the security was halted during the day and did not resume prior to the Fund's NAV calculation. Heartland Advisors may also make a fair value determination if it reasonably determines that a significant event, which materially affects the value of a security, occurs after the time at which the market price for the security is determined but prior to the time at which the Fund's NAV is calculated. Debt securities are generally stated at fair value as furnished by an independent pricing service based primarily on information concerning market transactions and dealer quotations for similar securities, or by dealers who make markets in such securities. In the absence of such a valuation, the fair value will be determined on a case-by-case basis as noted below or at amortized cost as provided below. Debt securities purchased with remaining maturities of 60 days or less may be valued at acquisition cost, plus or minus any amortized discount or premium, unless facts and circumstances indicate a different fair value, in which case the security will be fair valued on a case-by-case basis as noted below. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to capture events occurring between the time a foreign exchange closes and the close of the NYSE that may affect the value of the Fund's securities traded on those foreign exchanges, unless facts and circumstances indicate a different fair value, in which case the security will be fair valued on a case-by-case basis as noted below.

Fair valuation of a particular security is an inherently subjective process, with no single standard to utilize when determining a security's fair value. As such, different mutual funds could reasonably arrive at a different fair value price for the same security. In each case where a security is fair valued, consideration is given to the facts and circumstances relevant to the particular situation. This includes Heartland Advisors' review of various factors set forth in its fair value procedures and other factors as warranted. In making a fair value determination, factors that may be considered, among others, include: the type and structure of the security; unusual events or circumstances relating to the security's issuer; general market conditions; prior day's valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; nature and duration of any restriction on disposition; trading activities; and prices of similar securities or financial instruments.

**SHAREHOLDER INFORMATION AND REPORTING**

**HEARTLANDADVISORS.COM**

Heartland's website, located at heartlandadvisors.com, provides investors with a variety of information about the Funds, including daily share prices, market updates, and shareholder reports. Shareholders who hold their accounts directly with Heartland can access their accounts directly to review current balances, recent transactions, and other account information.

**INVESTMENT REPORTS AND PROSPECTUSES**

The Funds' Portfolio Managers review their strategies and results in Annual and Semiannual Reports, which also contain schedules of investments and Fund financial statements. Heartland Advisors periodically publishes and provides to shareholders other investment and performance information. Shareholders also receive annual Prospectus updates.

Whenever practicable, and to the extent permitted by applicable law, a single report, Prospectus or other communication will be mailed to shareholders who share a single address. This practice is referred to as "householding." To receive additional copies or discontinue our practice of householding your materials, you may call Shareholder Services at 1-800-432-7856, or write to Heartland Funds, PO Box 219942, Kansas City, MO 64121-9942. If you choose to discontinue the practice of householding your materials, the Funds will begin to send separate copies to you within 30 days after we receive your notice of discontinuation.

**E-DELIVERY OF FUND DOCUMENTS**

Heartland Funds offers those shareholders who hold their accounts directly with Heartland the option of receiving Fund documents, such as account statements and marketing materials, by E-Delivery. You may enroll in Heartland Funds' E-Delivery Services at heartlandadvisors.com by logging in to your account. You may opt-in to receive links to documents and/or materials by e-mail as they become available rather than receiving paper copies.

If your e-mail remains undelivered after a second attempt, your E-Delivery subscription will be discontinued and paper copies of Fund documents will be sent to your mailing address on record. Technical difficulties and other matters beyond the Funds' control may affect your ability to participate in the Funds' E-Delivery program. The Funds have no liability for the failure or disruption of the E-Delivery service due to circumstances beyond Heartland's reasonable control.

Shareholder reports will be made available on the Funds' website at heartlandadvisors.com and will be mailed to your address on record. You may request to receive shareholder reports through the Funds' E-Delivery program.

**NET INVESTMENT INCOME AND NET CAPITAL GAIN DISTRIBUTIONS**

A Fund generally makes distributions of either net investment income or net capital gain. A distribution from net investment income represents the income a Fund generally earns from dividends, interest, and certain other items paid on its investments, after payment of Fund expenses. A capital gain or loss is the increase or decrease in the value of a security that a Fund holds compared to its original purchase price. The gain or loss is generally "unrealized" until the security is sold. Each realized capital gain or loss is either short-term or long-term, depending on whether the Fund held the security for (a) one year or less or (b) more than one year. This is the case regardless of how long you hold your Fund shares.

Substantially all of the net investment income of each Fund will generally be distributed to its shareholders annually. If a Fund has a net capital gain for a year, the Fund normally will distribute substantially all of its net capital gain at the end of the year. Both types of distributions are automatically invested in additional shares for your account unless you elect on your Account Application to have them invested in another Heartland Fund or to have them paid to you in cash. Net investment income and net capital gain distributions that are reinvested will be confirmed on your account statement for the quarter in which the reinvestment is made.

Distribution checks will only be issued for payments greater than $25.00. Distributions will automatically be reinvested in shares of the Fund(s) generating the distribution if under $25.00. Uncashed distribution checks will be canceled and proceeds reinvested at the then-current NAV, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and marked as "undeliverable" or (2) remain uncashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks.

**"BUYING A DIVIDEND."** Please note that if you purchase shares of a Fund just before the record date of a distribution, you will receive a portion of your purchase price back as a taxable distribution. The Fund's NAV per share on the record date will be reduced by the amount of the distribution. This is sometimes referred to as "buying a dividend." To obtain additional information about distributions, you may visit our website at heartlandadvisors.com, call Shareholder Services at 1-800-432-7856, or write to Heartland at 790 North Water Street, Suite 1200, Milwaukee, WI 53202.

**TAXES**

The character of distributions that a Fund makes (*e.g.*, net investment income or net capital gain - see discussion under "Net Investment Income and Net Capital Gain Distributions" above) affects the tax treatment of those distributions to you if you hold your Fund shares in a taxable account. In particular, all net investment income distributions (other than any portion attributable to qualified dividends), net gain from foreign currency transactions, and net short-term capital gain, will be taxable to shareholders as ordinary income for federal income tax purposes. Net capital gain distributions (distributions of net long-term capital gain less net short-term capital loss) will be taxable as long-term capital gains to shareholders regardless of how long the shareholder has held Fund shares. Dividends from domestic and certain foreign corporations (generally those eligible for the benefits of a comprehensive tax treaty with the U.S. or whose stock is readily tradable on an established U.S. securities market) held by the Funds may be considered "qualified dividends," as provided under the Code. If certain holding period requirements are met, these dividends may be taxed to non-corporate shareholders at the reduced federal income tax rates applicable to long-term capital gains. If a Fund declares a distribution in October, November, or December, but does not pay it until January of the following year, you still will be taxed as if the distribution was received on December 31 of the prior year. The Transfer Agent will process your distribution and send you a statement for tax purposes each year showing the source of distributions for the preceding year. These distribution tax rules apply whether distributions are paid by the Funds to you in cash or reinvested in additional shares of the Funds.

**SHAREHOLDER INFORMATION AND REPORTING**

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a net investment income tax of 3.8%. The net investment income tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income, or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals, and $125,000 for married individuals filing separately). The Funds' distributions are includable in a shareholder's investment income for purposes of this net investment income tax. In addition, any capital gain realized by a shareholder upon a redemption of Fund shares is includable in such shareholder's investment income for purposes of this net investment income tax.

Some foreign governments levy withholding and other taxes against dividend and interest income. Although in some countries a portion of these taxes is recoverable, the non-recovered portion will reduce the return on a Fund's securities. A Fund may elect to pass through to you your pro rata share of foreign income taxes paid by that Fund, which you may use for purposes of determining your foreign tax credit or deduction, if more than 50% of the value of such Fund's total assets at the close of its taxable year consists of foreign stocks and securities. A Fund will notify you if it is eligible to and makes such an election.

If you redeem or exchange your shares, the transaction is generally a taxable event. Generally, you will recognize a capital gain or loss for federal income tax purposes of an amount equal to the difference between the cost of your shares and the price you receive when you sell them. However, the wash sale rules of the Code may disallow or recharacterize the loss for tax purposes. Special tax rules apply to non-individual shareholders and shareholders owning Fund shares in IRAs and tax-sheltered retirement plans. State and local tax rules may differ from the federal tax rules described in this Prospectus.

This tax information is based on the Code, Treasury Regulations, judicial decisions, and IRS guidance on the date hereof, all of which are subject to change, and possibly with retroactive effect. No assurance can be given that legislative, judicial, or administrative changes will not be forthcoming which could affect the accuracy of any statements made in this section. Changes in income tax laws, potentially with retroactive effect, could impact the Funds' investments or tax consequences to you of investing in the Funds. Some of these changes could affect the timing, amount, and tax treatment of Fund distributions made to shareholders. This section is not intended to be a full discussion of tax laws and the effect of such laws on you. There may be other federal, state, foreign, or local tax considerations applicable to your investment in a Fund. Please consult your tax advisor before investing.

**PRIVACY POLICY**

As a shareholder or consumer ("client") of Heartland, you share personal and financial information with us. Heartland respects its clients' right to privacy. Heartland understands that the privacy and security of its clients' nonpublic personal information is important, and therefore, Heartland maintains safeguards reasonably designed to protect client data from unauthorized access. Heartland does not sell this information to anyone and only shares such information with others as permitted by law or for the purpose of serving clients' investment needs.

**WHAT INFORMATION HEARTLAND COLLECTS**

Heartland collects only information that is either required or necessary to provide personalized investment services to its clients. Any information a client chooses to provide is kept confidential and allows Heartland to:

● Service client accounts;

● Deliver products and services that may be of interest to clients;

● Prevent unauthorized access to client accounts;

● Improve client service; and

● Comply with legal and regulatory requirements.

Depending on the nature of your relationship with Heartland, nonpublic personal information such as name, address, Social Security number, telephone number, income, and information collected from you online (such as through the use of "cookies", some of which you may be able to limit as described on Heartland's website) may be collected from the following sources:

● Information Heartland receives from clients on applications or other forms, on Heartland's website, or through other means;

● Information Heartland receives from clients through transactions, correspondence, and other communications with Heartland, Heartland affiliates, and others; and

● Information Heartland otherwise obtains from clients in connection with providing them a financial product or service.

**WHAT INFORMATION HEARTLAND SHARES**

Heartland does not share the information collected about its clients or former clients with any third parties, except as required or permitted by law or for the purpose of servicing client needs. This means Heartland may disclose the information collected to companies who help maintain and service client accounts. For example, Heartland may share information with a transfer agent or clearing broker to process client securities transactions and update client accounts or to an external service provider so that client account statements can be printed and mailed. Heartland may also disclose information obtained through the use of cookies and similar web technologies to companies to assist Heartland with efforts to offer products or services to clients or understand and improve Heartland's website. These companies are only permitted to use this information for the services for which Heartland hired them and are not permitted to use or share this information for any other purpose, or, where Heartland does not have a direct relationship with such companies, clients have the ability to limit what information is provided as further described in Heartland's cookies policy on the website. Heartland will share information with affiliates if the information is required to provide a product or service a client requested. Additionally, Heartland may share information with its affiliates about clients or client accounts in order to make clients aware of services and products which Heartland thinks may be of interest or value to them. Marketing from Heartland's affiliates may also include invitations to events sponsored by them. Affiliates are companies in the Heartland group of companies, such as Heartland Advisors and the Heartland Mutual Funds. Heartland may also disclose nonpublic personal information to government agencies and regulatory organizations when permitted or required by law.

**SHAREHOLDER INFORMATION AND REPORTING**

**HOW HEARTLAND PROTECTS CLIENT INFORMATION**

For client protection, Heartland restricts access to clients' nonpublic personal information to those individuals who need to know that information to provide products and services to a client. Heartland maintains physical, electronic, and procedural safeguards that are reasonably designed to comply with federal standards to maintain the confidentiality of client nonpublic personal information. The accuracy and protection of client personal information is important to Heartland.

**HOW TO CONTACT HEARTLAND**

Clients may limit Heartland's affiliates in the Heartland group of companies from marketing their products or services based on personal information that Heartland collects and shares with them. A client's choice to limit marketing offers from Heartland's affiliates will apply until a client requests a change to this choice. A client's choice to limit marketing offers from Heartland's affiliates will not affect their ability to receive marketing materials directly from Heartland. If a client has already made a choice to limit marketing offers from Heartland's affiliates, they do not need to act again. To limit marketing offers, contact Heartland at the telephone number listed below.

Clients can correct, update, or confirm their personal information and limit marketing offers from Heartland's affiliates by calling Heartland at 1-800-432-7856.

For purposes of this privacy notice, Heartland refers to Heartland Advisors, Inc. and the Heartland Mutual Funds.

**FINANCIAL HIGHLIGHTS**

The following financial highlights tables are intended to help you understand each Fund's financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in each class of shares of each Fund over the period presented (assuming reinvestment of all dividends and distributions). Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher.

The information for the Funds has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm. Cohen & Company, Ltd.'s report, along with the Funds' financial statements, is included in the [Annual Report to Shareholders on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/809586/000139834426003445/fp0097128-1_ncsrixbrl.htm), which is available upon request, and incorporated by reference into the SAI.

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net asset<br> value,<br> beginning of<br> period | Net<br> investment<br> income<br> (loss)<sup>(a)(b)</sup> | Net realized<br> and unrealized<br> gains (losses)<sup>(c)</sup> | Total income<br> (loss) from<br> investment<br> operations | Distributions<br> from net<br> investment<br> income | Distributions<br> from net<br> realized gains<br> on investments | Total<br> distributions | Net asset<br> value, end of <br> period |
| **MID CAP VALUE FUND** |  |  |  |  |  |  |  |  |
| Investor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $13.47 | $0.16 | $(0.15) | $0.01 | $(0.16) | $(0.12) | $(0.28) | $13.20 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 13.77 | 0.13 | 0.37 | 0.50 | (0.11) | (0.69) | (0.80) | 13.47 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 12.38 | 0.12 | 1.53 | 1.65 | (0.09) | (0.17) | (0.26) | 13.77 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 13.47 | 0.09 | (0.50) | (0.41) | (0.07) | (0.61) | (0.68) | 12.38 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 13.03 | 0.14 | 3.53 | 3.67 | (0.12) | (3.11) | (3.23) | 13.47 |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $13.54 | $0.19 | $(0.14) | $0.05 | $(0.20) | $(0.12) | $(0.32) | $13.27 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 13.85 | 0.17 | 0.36 | 0.53 | (0.15) | (0.69) | (0.84) | 13.54 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 12.44 | 0.15 | 1.56 | 1.71 | (0.13) | (0.17) | (0.30) | 13.85 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 13.53 | 0.13 | (0.51) | (0.38) | (0.10) | (0.61) | (0.71) | 12.44 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 13.08 | 0.18 | 3.54 | 3.72 | (0.16) | (3.11) | (3.27) | 13.53 |
| **VALUE PLUS FUND** |  |  |  |  |  |  |  |  |
| Investor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $35.83 | $0.20 | $0.18 | $0.38 | $(0.22) | $– | $(0.22) | $35.99 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 37.02 | 0.16 | (0.28) | (0.12) | (0.17) | (0.90) | (1.07) | 35.83 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 36.87 | 0.32 | 0.36 | 0.68 | (0.33) | (0.20) | (0.53) | 37.02 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 39.68 | 0.19 | (2.17) | (1.98) | (0.17) | (0.66) | (0.83) | 36.87 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 39.55 | 0.31 | 9.54 | 9.85 | (0.27) | (9.45) | (9.72) | 39.68 |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $35.54 | $0.29 | $0.18 | $0.47 | $(0.33) | $– | $(0.33) | $35.68 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 36.73 | 0.24 | (0.25) | (0.01) | (0.28) | (0.90) | (1.18) | 35.54 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 36.58 | 0.40 | 0.38 | 0.78 | (0.43) | (0.20) | (0.63) | 36.73 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 39.39 | 0.28 | (2.16) | (1.88) | (0.27) | (0.66) | (0.93) | 36.58 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 39.33 | 0.42 | 9.48 | 9.90 | (0.39) | (9.45) | (9.84) | 39.39 |
| **VALUE FUND** |  |  |  |  |  |  |  |  |
| Investor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $47.78 | $0.31 | $7.38 | $7.69 | $(0.31) | $(4.40) | $(4.71) | $50.76 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 44.99 | 0.39 | 6.66 | 7.05 | (0.39) | (3.87) | (4.26) | 47.78 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 40.55 | 0.33 | 6.65 | 6.98 | (0.33) | (2.21) | (2.54) | 44.99 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 46.43 | 0.17 | (4.83) | (4.66) | (0.17) | (1.05) | (1.22) | 40.55 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 43.27 | 0.01 | 9.41 | 9.42 | (0.07) | (6.19) | (6.26) | 46.43 |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $49.18 | $0.40 | $7.61 | $8.01 | $(0.40) | $(4.40) | $(4.80) | $52.39 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | 46.19 | 0.49 | 6.84 | 7.33 | (0.47) | (3.87) | (4.34) | 49.18 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | 41.58 | 0.42 | 6.82 | 7.24 | (0.42) | (2.21) | (2.63) | 46.19 |
| &nbsp;&nbsp;&nbsp;December 31, 2022 | 47.58 | 0.23 | (4.97) | (4.74) | (0.21) | (1.05) | (1.26) | 41.58 |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 44.21 | 0.08 | 9.62 | 9.70 | (0.14) | (6.19) | (6.33) | 47.58 |

---

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return | Net assets, end <br> of period (in<br> thousands) | Percentage of<br> expenses to<br> average net<br> assets | Percentage of <br> net investment<br> income (loss) to<br> average net<br> assets | Percentage of<br> expenses to<br> average net<br> assets before<br> waivers | Percentage of <br> expenses to<br> average net<br> assets after<br> waivers | Percentage of<br> net investment<br> income (loss) to<br> average net<br> assets before<br> waiver | Percentage of <br> net investment<br> income (loss) to<br> average net<br> assets after<br> waivers | Portfolio<br> turnover rate<sup>(d)</sup> |
| 0.12 %<sup>(e)</sup> | $180424 | N/A | N/A | 1.21% | 1.10% | 1.07% | 1.18% | 72% |
| 3.62 <sup>(e)</sup> | 218998 | N/A | N/A | 1.18 | 1.10 | 0.82 | 0.90 | 62 |
| 13.37 <sup>(e)</sup> | 244716 | N/A | N/A | 1.17 | 1.10 | 0.83 | 0.90 | 84 |
| (3.01)<sup>(e)</sup> | 209035 | N/A | N/A | 1.16 | 1.10 | 0.62 | 0.68 | 66 |
| 28.12 <sup>(e)</sup> | 227242 | N/A | N/A | 1.17 | 1.10 | 0.82 | 0.89 | 86 |
| 0.38 %<sup>(e)</sup> | $289949 | N/A | N/A | 0.95% | 0.85% | 1.33% | 1.42% | 72% |
| 3.81 <sup>(e)</sup> | 372948 | N/A | N/A | 0.99 | 0.85 | 1.03 | 1.16 | 62 |
| 13.72 <sup>(e)</sup> | 382875 | N/A | N/A | 0.95 | 0.85 | 1.03 | 1.13 | 84 |
| (2.78)<sup>(e)</sup> | 141756 | N/A | N/A | 1.04 | 0.85 | 0.78 | 0.98 | 66 |
| 28.39 <sup>(e)</sup> | 81916 | N/A | N/A | 0.98 | 0.85 | 1.04 | 1.17 | 86 |
| 1.06% | $158600 | 1.22% | 0.58% | N/A | N/A | N/A | N/A | 67% |
| (0.31) | 194078 | 1.21 | 0.43 | N/A | N/A | N/A | N/A | 68 |
| 1.83 | 246240 | 1.18 | 0.87 | N/A | N/A | N/A | N/A | 53 |
| (4.95) | 272008 | 1.22 | 0.51 | N/A | N/A | N/A | N/A | 48 |
| 24.85 | 313703 | 1.15 | 0.64 | N/A | N/A | N/A | N/A | 58 |
| 1.30% | $126650 | N/A | N/A | 0.99% | 0.99% | 0.84% | 0.84% | 67% |
| (0.02) | 88094 | N/A | N/A | 0.94 | 0.94 | 0.68 | 0.68 | 68 |
| 2.11 | 143926 | N/A | N/A | 0.92 | 0.92 | 1.09 | 1.09 | 53 |
| (4.75) | 164367 | N/A | N/A | 1.01 | 0.99 | 0.74 | 0.76 | 48 |
| 25.11 | 174912 | N/A | N/A | 0.92 | 0.92 | 0.88 | 0.88 | 58 |
| 15.98% | $695571 | 1.09% | 0.62% | N/A | N/A | N/A | N/A | 44% |
| 15.68 | 656068 | 1.06 | 0.80 | N/A | N/A | N/A | N/A | 34 |
| 17.13 | 624176 | 1.07 | 0.77 | N/A | N/A | N/A | N/A | 43 |
| (9.99) | 580421 | 1.09 | 0.41 | N/A | N/A | N/A | N/A | 45 |
| 21.81 | 684923 | 1.04 | 0.03 | N/A | N/A | N/A | N/A | 45 |
| 16.17% | $191478 | 0.94% | 0.79% | N/A | N/A | N/A | N/A | 44% |
| 15.88 | 113785 | N/A | N/A | 0.91 | 0.91 | 0.98 | 0.98 | 34 |
| 17.31 | 82682 | N/A | N/A | 0.89 | 0.89 | 0.95 | 0.95 | 43 |
| (9.91) | 60379 | N/A | N/A | 0.98 | 0.98 | 0.52 | 0.52 | 45 |
| 21.96 | 67901 | N/A | N/A | 0.92 | 0.92 | 0.15 | 0.15 | 45 |

---

<sup>(a)</sup> Redemption fees represent less than $.01 on a per share basis.

<sup>(b)</sup> Calculated using the average shares method.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Portfolio turnover rate is calculated at the Fund level.

<sup>(e)</sup> Total returns would have been lower had various fees and expenses not been waived and reimbursed during the period.

**HEARTLAND FUNDS**

General Information and Account/Price Information (24 hours):

1-800-432-7856

www.heartlandadvisors.com

**HEARTLAND FUNDS**

790 North Water Street

Suite 1200

Milwaukee, Wisconsin 53202

**INVESTMENT ADVISOR**

Heartland Advisors, Inc.

790 North Water Street

Suite 1200

Milwaukee, Wisconsin 53202

**DISTRIBUTOR**

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, Colorado 80203

**CUSTODIAN**

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110

**ADMINISTRATOR AND TRANSFER AND DIVIDEND DISBURSING AGENT**

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, Colorado 80203

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**FUND COUNSEL**

Godfrey & Kahn, S.C.

833 East Michigan Street

Suite 1800

Milwaukee, Wisconsin 53202

**INDEPENDENT DIRECTOR COUNSEL**

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

If you have any questions about the Heartland Funds or would like more information, including a free copy of the Funds' SAI, or their most recent Annual or Semiannual Reports, you may call or write ALPS Distributors, Inc. at:

ALPS Distributors, Inc.

790 North Water Street

Suite 1200

Milwaukee, Wisconsin 53202

1-800-432-7856

You may also obtain the SAI, the Funds' most recent Annual and Semiannual Reports, Part F of Form N-PORT, and other relevant information, without charge, at Heartland Funds' website at heartlandadvisors.com.

The SAI, which contains more information about the Funds, has been filed with the SEC, and is incorporated by reference to be legally a part of this Prospectus. Additional information about the Funds' investments is available in the Funds' Annual and Semiannual Reports to shareholders, and in Form N-CSR. In the Annual Report, you will find a discussion of market conditions and investment strategies that significantly affected each Fund's performance during the prior fiscal year. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements.

Reports and other information regarding the Funds are available on the EDGAR database on the SEC's Internet website (http://www.sec.gov). Additionally, copies of this information can be obtained, after paying a duplicating fee, by sending an e-mail request to publicinfo@sec.gov.

Investment Company Act File No. 811-4982

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**HEARTLAND FUNDS**

**STATEMENT OF ADDITIONAL INFORMATION**

**DATED MAY 1, 2026**

Heartland Group, Inc.

790 North Water Street

Suite 1200

Milwaukee, Wisconsin 53202

1-800-432-7856

heartlandadvisors.com

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Heartland<br> Mid Cap Value Fund | &nbsp;&nbsp;Heartland<br> Value Plus Fund | &nbsp;&nbsp;Heartland <br> Value Fund |
| &nbsp;&nbsp;Share Class<br> Ticker | &nbsp;&nbsp;Share Class<br> Ticker | &nbsp;&nbsp;Share Class<br> Ticker |
| &nbsp;&nbsp;Investor<br> HRMDX | &nbsp;&nbsp;Investor<br> HRVIX | &nbsp;&nbsp;Investor<br> HRTVX |
| &nbsp;&nbsp;Institutional<br> HNMDX | &nbsp;&nbsp;Institutional<br> HNVIX | &nbsp;&nbsp;Institutional<br> HNTVX |

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Heartland Group, Inc. (the "Heartland Family of Funds" or "Heartland") is registered as an open-end, management investment company consisting of separate mutual fund series listed above (each a "Fund" and collectively, the "Funds"). The investment advisor for the Funds is Heartland Advisors, Inc. ("Heartland Advisors" or the "Advisor"). This Statement of Additional Information ("SAI") relates to the Funds, each of which has a distinct investment objective and program.

This SAI is not a prospectus, but provides you with additional information that should be read in conjunction with the Prospectus for the Funds, dated May 1, 2026. You may obtain a free copy of the Funds' Prospectus and an account application by contacting the distributor of the Funds, ALPS Distributors, Inc. (the "Distributor"), at the street or website address, or at the telephone number listed above for Heartland.

The financial statements of the Funds and the report of the independent registered public accounting firm thereon are incorporated by reference into this SAI from the Funds' [Annual Report to Shareholders](http://www.sec.gov/ix?doc=/Archives/edgar/data/809586/000139834426003445/fp0097128-1_ncsrixbrl.htm) on Form N-CSR for the year ended December 31, 2025. See "Financial Statements." The Funds' Annual Report is available, without charge, by calling the Funds at the toll-free telephone number shown above or by visiting the Funds' website at heartlandadvisors.com or on the Securities and Exchange Commission's website at www.sec.gov.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **<u>Page</u>** |
| [INTRODUCTION TO THE FUNDS](#sai_001) | [1](#sai_001) |
| [INVESTMENT OBJECTIVES AND POLICIES OF THE FUNDS](#sai_002) | [1](#sai_002) |
| [TYPES OF SECURITIES](#sai_003) | [3](#sai_003) |
| [PORTFOLIO MANAGEMENT STRATEGIES](#sai_004) | [29](#sai_004) |
| [INVESTMENT RESTRICTIONS](#sai_005) | [35](#sai_005) |
| [PORTFOLIO TURNOVER](#sai_006) | [38](#sai_006) |
| [MANAGEMENT](#sai_007) | [39](#sai_007) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai_008) | [55](#sai_008) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#sai_009) | [56](#sai_009) |
| [DISTRIBUTION OF SHARES](#sai_010) | [60](#sai_010) |
| [PORTFOLIO TRANSACTIONS](#sai_011) | [63](#sai_011) |
| [DESCRIPTION OF SHARES](#sai_012) | [68](#sai_012) |
| [PURCHASES AND SALES](#sai_013) | [69](#sai_013) |
| [ADDITIONAL INCOME TAX CONSIDERATIONS](#sai_014) | [72](#sai_014) |
| [FINANCIAL STATEMENTS](#sai_015) | [75](#sai_015) |
| [STATEMENT OF POLICY REGARDING PROXY VOTING](#sai_016) | [APPENDIX A](#sai_016) |

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**INTRODUCTION TO THE FUNDS**

Each portfolio of the Heartland Family of Funds is a separate series of Heartland Group, Inc., a Maryland corporation formed on December 19, 1986 and registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund is a diversified fund and has a distinct investment objective and program from the other portfolios of the Heartland Family of Funds.

The Heartland Mid Cap Value Fund commenced operations on October 31, 2014. The Heartland Value Plus Fund commenced operations on October 26, 1993. The Heartland Value Fund commenced operations on December 28, 1984.

Heartland Advisors serves as the Funds' investment advisor.

**INVESTMENT OBJECTIVES AND POLICIES OF THE FUNDS**

**Heartland Mid Cap Value Fund**

The Heartland Mid Cap Value Fund seeks long-term capital appreciation and modest current income. Heartland Advisors considers companies in the market capitalization range of the Russell Midcap<sup>®</sup> Index as mid-capitalization companies. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects and market conditions. The Fund generally invests a majority of its assets in dividend-paying common stocks.

As the Fund invests in a limited number of stocks (generally 40 to 60), a change in the value of any single holding may have a more pronounced effect on the Fund's net asset value ("NAV") and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's share price and investment return.

To pursue its objective, the Fund may also invest in debt securities, although under normal market conditions the Fund will not invest more than 10% of its assets in such securities. The Fund may invest in other securities, including preferred stocks, warrants, convertible securities, foreign securities, and cash equivalents. There are no credit quality limitations on the convertible or debt securities in which the Fund may invest. Although not a principal investment strategy, the Fund may utilize other investments and investment techniques from time to time which may impact Fund performance, including options, futures, and other derivatives transactions.

Under adverse market, economic, political, or other conditions, the Fund may temporarily invest, without limitation, in liquid reserves such as money market instruments, certificates of deposit, commercial paper, short-term corporate debt securities, variable rate demand notes, U.S. Government securities, and repurchase agreements. In addition, the Fund may invest in these temporary investments under conditions when Heartland Advisors is unable to identify attractive investment opportunities. Temporary investments in liquid reserves are not required and may not be possible because of market conditions. Such investments also might prevent the Fund from achieving its investment objective, and from participating in market advances or declines to the same extent that it would if the Fund remained more fully invested.

In pursuing its objective, the Fund may, from time to time, use its ownership interest in a portfolio company to seek to change or influence control of the company's management. The Fund also may employ the investment techniques described in its Prospectus and in the sections of this SAI titled "Types of Securities" and "Portfolio Management Strategies." The Fund's investment objective may be changed with the approval of the Board of Directors and notice to shareholders, but without shareholder approval.

**Heartland Value Plus Fund**

The Heartland Value Plus Fund seeks long-term capital appreciation and modest current income. The Fund invests primarily in a limited number of common stocks of smaller companies selected on a value basis. The Fund generally invests a majority of its assets in dividend-paying common stocks. The Fund invests a majority of its assets in companies with market capitalizations consistent with the capitalization range of the Russell 2000<sup>®</sup> Value Index. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects and market conditions.

The Fund invests in a limited number of stocks (generally 40 to 70). Therefore, a change in the value of any single holding may have a more pronounced effect on the Fund's NAV and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's share price and investment return.

To pursue its objective, the Fund may also invest in debt securities, although under normal market conditions the Fund will not invest more than 10% of its assets in such securities. The Fund may invest in other securities, including preferred stock, warrants, convertible securities, foreign securities, and cash equivalents. There are no credit quality limitations on the convertible or debt securities in which the Fund may invest. Although not a principal investment strategy, the Fund may utilize other investments and investment techniques from time to time which may impact Fund performance, including options, futures, and other derivatives transactions.

Under adverse market, economic, political, or other conditions, the Fund may temporarily invest, without limitation, in liquid reserves such as money market instruments, certificates of deposit, commercial paper, short-term corporate debt securities, variable rate demand notes, U.S. Government securities, and repurchase agreements. In addition, the Fund may invest in these temporary investments under conditions when Heartland Advisors is unable to identify attractive investment opportunities. Temporary investments in liquid reserves are not required and may not be possible because of market conditions. Such investments also might prevent the Fund from achieving its investment objective, and from participating in market advances or declines to the same extent that it would if the Fund remained more fully invested.

In pursuing its objective, the Fund may, from time to time, use its ownership interest in a portfolio company to seek to change or influence control of the company's management. The Fund also may employ the investment techniques described in its Prospectus and in the sections of this SAI titled "Types of Securities" and "Portfolio Management Strategies." The Fund's investment objective may be changed with the approval of the Board of Directors and notice to shareholders, but without shareholder approval.

**Heartland Value Fund**

The Heartland Value Fund seeks long-term capital appreciation through investing in small companies. The Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000<sup>®</sup> Value Index, and may invest a portion of its assets in micro-capitalization companies, generally those with market capitalizations of less than $500 million at the time of purchase. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects and market conditions.

Investing in equity securities of smaller companies involves a higher degree of risk than investing in the securities of larger companies. The prices of securities of smaller companies generally are more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions. These risks generally increase as the size of the companies decrease.

To pursue its objective, the Fund may also invest in debt securities, although under normal market conditions the Fund will not invest more than 10% of its assets in such securities. It may invest in other securities, including equity securities of larger companies, preferred stocks, warrants, convertible securities, foreign securities, and cash equivalents. There are no credit quality limitations on the convertible or debt securities in which the Fund may invest. The Fund may utilize other investments and investment techniques from time to time which may impact Fund performance, including options, futures and other derivatives transactions.

Under adverse market, economic, political, or other conditions, the Fund may temporarily invest, without limitation, in liquid reserves such as money market instruments, certificates of deposit, commercial paper, short-term corporate debt securities, variable rate demand notes, U.S. Government securities, and repurchase agreements. In addition, the Fund may invest in these temporary investments under conditions when Heartland Advisors is unable to identify attractive investment opportunities. Temporary investments in liquid reserves are not required and may not be possible because of market conditions. Such investments also might prevent the Fund from achieving its investment objective, and from participating in market advances or declines to the same extent that it would if the Fund remained more fully invested.

In pursuing its objective, the Fund may, from time to time, use its ownership interest in a portfolio company to seek to change or influence control of the company's management. The Fund also may employ the investment techniques described in its Prospectus and in the sections of this SAI titled "Types of Securities" and "Portfolio Management Strategies." The Fund's investment objective may be changed with the approval of the Board of Directors and notice to shareholders, but without shareholder approval.

**TYPES OF SECURITIES**

The following information supplements the discussion of the Funds' investments described in the Prospectus.

**Illiquid Investments**

The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4 of the 1940 Act, and the Board of Directors has approved Heartland Advisors as the administrator of the liquidity risk management program. Each Fund may invest in illiquid investments; however, no Fund may acquire illiquid investments if, as a result, more than 15% of the value of the Fund's net assets would be invested in such investments. A determination of whether an investment is illiquid is based upon guidelines contained in the Funds' liquidity risk management program and depends upon relevant facts and circumstances. Under the Funds' liquidity risk management program, the term "illiquid investment" means an investment that the Advisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments generally include securities subject to restrictions on resale as a matter of contract or law, interest only and principal only mortgage backed securities issued by private issuers and repurchase agreements maturing in more than seven days. The Board of Directors annually reviews a written report prepared by the administrator of the Funds' liquidity risk management program that addresses the operation of the program and assesses its adequacy and effectiveness of implementation.

Certain securities exempt from registration or issued in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), such as securities that may be resold to institutional investors under Rule 144A under the Securities Act, may be considered to be liquid under the Funds' liquidity risk management program. Rule 144A securities deemed to be liquid are not treated as being subject to the limitation on illiquid investments. Securities purchased by a Fund in private placement transactions are subject to resale restrictions under securities laws and typically are not publicly traded and may be difficult to sell. Because there is generally no public market for these securities, there may be less information publicly available and, thus, it may be difficult to determine their fair value. Accordingly, securities acquired in private placements are generally presumed to be illiquid.

Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act, or in a registered public offering. Where registration is required, a Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security.

The Funds may invest in securities that are issued by privately held companies, which are not subject to reporting requirements of the SEC, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. The securities of privately held companies are generally considered illiquid.

To the extent it invests in illiquid investments or restricted securities, a Fund may encounter difficulty in determining a market value for such investments. Disposing of illiquid investments or restricted securities may involve time-consuming negotiations and legal expense, and it may be difficult or impossible for a Fund to sell such an investment promptly and at an acceptable price. In addition, if a Fund holds a material percentage of its assets in illiquid investments or restricted securities, it may experience difficulty meeting its redemption obligations.

**Foreign Investments and Currencies**

In considering whether to invest in the securities of a foreign company, Heartland Advisors considers such factors as the characteristics of the particular company, differences between economic trends and the performance of securities markets within the U.S. and those within other countries, and also factors relating to the general economic, governmental and social conditions of the country or countries where the company is located. The extent to which a Fund will be invested in foreign companies and countries and Depositary Receipts ("DRs") will fluctuate from time to time within the limitations described in the Prospectus, depending on Heartland Advisors' assessment of prevailing market, economic and other conditions.

Each Fund may invest up to 25% of its assets directly in foreign securities or securities of U.S. companies whose revenue or operating income is derived primarily from outside of the U.S. and may invest without limitations in foreign securities through American Depositary Receipts ("ADRs"). Investments in DRs and foreign securities involve certain inherent risks, including the following:

*Depositary Receipts.* Each Fund may invest its assets in securities of foreign issuers in the form of DRs, including ADRs and Global Depositary Receipts ("GDRs"), which are securities representing securities of foreign issuers. A purchaser of unsponsored DRs may not have complete voting rights and may not receive as much information about the issuer of the underlying securities as with a sponsored DR. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. Generally, GDRs, in registered form, are denominated in foreign currency and are designed for use in the foreign securities markets. GDRs are receipts typically issued by a foreign bank or trust company evidencing ownership of the underlying securities. The Funds are not subject to any limitations specific to ADRs and GDRs. For purposes of the Funds' investment policies, ADRs and GDRs are deemed to have the same classification as the underlying securities they represent.

*Political and Economic Factors*. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. Governments in certain foreign countries also continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could include restrictions on foreign investment, nationalization, expropriation of goods or imposition of taxes, and could have a significant effect on market prices of securities and payment of interest. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by the trade policies and economic conditions of their trading partners. Enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

Political developments impacting international trade, including trade disputes and increased tariffs, may negatively impact markets and cause weaker macroeconomic conditions. Markets may be materially adversely affected by political, economic or social instability or events, including war, continuing political tension and armed conflicts, acts of terrorism, the renegotiation or nullification of agreements and treaties, the imposition of onerous regulations, embargoes, sanctions, and fiscal policy, changes in laws governing existing operations, financial constraints, including currency restrictions and exchange rate fluctuations, joint venture partners or third-party representatives.

*Currency Fluctuations.* Each Fund may invest in securities denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of a Fund's assets denominated in that currency. Such changes will also affect a Fund's income. The value of a Fund's assets may also be affected significantly by currency restrictions and exchange control regulations enacted from time to time.

*Market Characteristics.* Heartland Advisors expects that many foreign securities in which the Funds may invest could be purchased in over-the-counter markets or on exchanges located in the countries in which the principal offices of the issuers of the various securities are located, if that is the best available market. Foreign exchanges and markets may be more volatile than those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets, and a Fund's foreign securities may be less liquid and more volatile than U.S. securities. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets, and may include delays beyond periods customary in the United States. Foreign security trading practices, including those involving securities settlement where Fund assets may be released prior to receipt of payment or securities, may expose a Fund to increased risk in the event of a failed trade or the insolvency of a foreign broker-dealer.

*Legal and Regulatory Matters.* Certain foreign countries may have less supervision of securities markets, brokers and issuers of securities, and less financial information available from issuers, than is available in the United States.

*Taxes.* The interest and dividends payable on certain of a Fund's foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to Fund shareholders. Furthermore, the United States imposes a 30% withholding tax under the Foreign Account Tax Compliance Act ("FATCA") (generally non-refundable) on certain payments to certain foreign entities, which could affect a Fund's return on a foreign portfolio security.

*Costs.* To the extent that a Fund invests in foreign securities, its expense ratio is likely to be higher than those of investment companies investing only in domestic securities, because the cost of trading and maintaining the custody of foreign securities may be higher.

*Emerging Markets Risk*. The risks of foreign investments typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed and securities in those markets are generally more volatile and less liquid than those in the developed markets. Emerging market countries also are more likely to experience high levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. High levels of national debt tend to make such markets also heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

**Passive Foreign Investment Companies**

Each Fund may invest in stocks of foreign companies that are classified under the Internal Revenue Code of 1986, as amended (the "Code"), as passive foreign investment companies ("PFICs"), if that stock is otherwise a permissible investment for a Fund. In general, a foreign company is classified as a PFIC if it meets either of the following tests: (1) at least 75% of its gross income is passive; or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Unless a Fund makes a "qualified electing fund" (QEF) election or a "mark-to-market" election as described below, the Fund generally will be subject to an interest charge in addition to federal income tax (at ordinary income rates) on (i) any "excess distribution" received on the stock of a PFIC; or (ii) any gain from disposition of PFIC stock that was acquired in an earlier taxable year. This interest charge and ordinary income tax treatment will apply even if the Fund distributes such income to its shareholders. Any portion of a PFIC distribution that is not an "excess distribution" will be included in the Fund's investment company taxable income and, accordingly, will not be taxable to the Fund to the extent it distributes that income to its shareholders.

A Fund may avoid the imposition of the interest charge and other adverse tax consequences of PFIC status described above if the Fund makes an election to treat the particular PFIC as a QEF, if this election is made for the first taxable year in which the Fund owns stock of such PFIC. If a Fund invests in a PFIC and makes such a QEF election, the interest charge and other adverse tax consequences of PFIC status described above will not apply with respect to such PFIC. Instead, the Fund will be required to include in the Fund's income each year the Fund's pro rata share of the QEF's annual ordinary earnings and net capital gain (which such Fund may have to distribute to satisfy the distribution requirement under Sections 851-855 of the Code to maintain its status as a regulated investment company (the "Distribution Requirement"), even if the QEF does not distribute those earnings and net capital gain to the Fund). In most instances it will be very difficult, if not impossible, to make this election because of certain of its requirements.

A Fund may also avoid the imposition of the interest charge and other adverse tax consequences of PFIC status described above if the Fund makes a "mark-to-market" election with respect to the stock of a particular PFIC, if this election is made for the first taxable year in which the Fund owns stock of such PFIC. "Marking-to-market," in this context, means including in the Fund's ordinary income each taxable year the excess, if any, of the fair market value of a PFIC's stock over such Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock included by the Fund for prior taxable years under the election. A Fund's adjusted basis in each PFIC's stock with respect to which it has made this election will be adjusted to reflect the amounts of income included and deductions taken thereunder. The QEF election and the mark-to-market election may accelerate the recognition of income by a Fund (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments to meet its Distribution Requirement (including when it may not be advantageous for a Fund to liquidate such investments), which may accelerate the recognition of gain and affect a Fund's total return.

**Custodial Receipts and Participation Interests**

Each Fund may invest in custodial receipts which represent ownership in future interest or principal payments, or both, on certain securities that are underwritten by securities dealers or banks.

Each Fund may also invest in participation interests in securities. Participation interests give a Fund an undivided interest in a security in the proportion that the Fund's participation interest bears to the principal amount of the security.

**Derivative Instruments**

Each Fund may invest in a broad array of financial instruments and securities, the value of which is "derived" from the performance of an underlying asset or a "benchmark" such as a security index, an interest rate, or a currency. In particular, each Fund may engage in transactions in options, futures contracts, options on futures contracts, and hybrid instruments to (a) hedge against anticipated declines in the market value of its portfolio securities or currencies and against increases in the market values of securities or currencies it intends to acquire, (b) manage exposure to changing interest rates (duration management), (c) enhance total return or (d) to invest in eligible asset classes with greater efficiency and lower cost than is possible through direct investment.

Some options and futures strategies, including selling futures, buying puts, and writing calls, tend to hedge a Fund's investments against price fluctuations. Other strategies, including buying futures, writing puts, and buying calls, tend to increase market exposure. Options and futures may be combined with each other in order to adjust the risk and return characteristics of a Fund's overall strategy. Futures, options, and options on futures have durations which, in general, are closely related to the duration of the underlying securities. Holding long futures or call option positions will lengthen the duration of a Fund's portfolio by approximately the same amount of time that holding an equivalent amount of the underlying securities would.

Rule 18f-4 under the 1940 Act permits mutual funds such as the Funds to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. As of the date of this SAI, each Fund qualifies as a "limited derivatives user." A Fund is considered a "limited derivatives user" if the Fund limits its derivatives exposure to no more than 10% of its net assets, calculated in accordance with Rule 18f-4, and adopts written policies and procedures reasonably designed to manage the Fund's derivatives risks. If a Fund invests in derivatives and does not qualify as a "limited derivatives user," the Fund must adopt a written derivatives risk management program, adhere to an outer limit on leverage based on value-at-risk (VaR) and designate a "derivatives risk manager" who would report directly to the Company's Board of Directors.

The Funds generally implement asset segregation, earmarking or "cover" procedures, such as holding an offsetting position in a security or holding cash or liquid assets to cover a potential future payment obligation, to mitigate the risk of derivatives transactions.

**Writing Options.** Each Fund may write put and call options on any securities or futures contracts in which it may invest, on any securities index based on or related to securities in which it may invest, or on any currency in which Fund investments may be denominated. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date.

Written options will generally be covered by a Fund. The term "covered" means that (a) a Fund will, in the case of a call option, own the asset subject to the option or have an unconditional right to purchase the same underlying asset at a price equal to or less than the exercise price of the "covered" option or, in the case of a put option, have an unconditional right to sell the same underlying asset at a price equal to or greater than the exercise price of the "covered" option, or (b) if it is not possible to cover as set forth above, the Fund will establish and maintain, for the term of the option, liquid assets on the Fund's records having a value at least equal to the Fund's obligation under the option, or (c) the Fund will purchase an offsetting option or any other option which, by virtue of its exercise price or otherwise, reduces the Fund's net exposure on its written option position. A Fund may cover call options on a securities index by owning securities whose price changes are expected to be similar to those of the underlying index.

Writing put or call options can enable a Fund to enhance income by reason of the premiums paid by the purchaser of such options. Through receipt of the option premium, a call writer mitigates the effects of a price decline. At the same time, because a call writer must be prepared to deliver the underlying asset in return for the exercise price, even if its current value is greater, a call writer gives up some ability to participate in the price increases in the underlying asset. Conversely, if the price of the underlying asset rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received for writing the put because it did not own the underlying asset and therefore would not benefit from the appreciation in price. If the price of the underlying asset falls, the put writer would expect to suffer a loss, which could be substantial, because a put writer must be prepared to pay the exercise price for the option's underlying asset if the other party to the option chooses to exercise it. However, the loss should be less than the loss experienced if a Fund had purchased the underlying asset directly because the premium received for writing the option will mitigate the effects of the decline.

A Fund may enter into closing transactions with respect to options by purchasing an option identical to the one it has written (for exchange-listed options) or by entering into an offsetting transaction with the counterparty to such option (for over-the-counter, or "OTC" options). A Fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market; however, there can be no assurance that such a market will exist at any particular time or that a Fund will be able to effect such closing transactions at a favorable price. In addition, although a Fund will enter into OTC options only with counterparties that are expected to be capable of entering into closing transactions with the Fund, there is no assurance that the Fund will in fact be able to close out an OTC option position at any time prior to its expiration or that the Fund will be able to effect such closing transactions at a favorable price.

**Purchasing Options.** Each Fund may purchase put and call options on any securities or futures contracts in which it may invest, on any securities index based on or related to securities in which it may invest, or on any currency in which Fund investments may be denominated. A Fund would normally purchase call options in anticipation of an increase, or put options in anticipation of a decrease, in the market value of securities or currencies of the type in which it may invest. A Fund may enter into closing transactions with respect to such options by writing an option identical to the one it has purchased (for exchange-listed options) or by entering into an offsetting transaction with the counterparty to such option (for OTC options). A Fund may also exercise such options or allow them to expire.

A Fund would normally purchase call options in anticipation of an increase in the market value of the underlying assets. As the holder of a call option, a Fund has the right to purchase the underlying asset at the exercise price at any time during the option period. A call buyer typically attempts to participate in potential price increases of the underlying asset with risk limited to the cost of the option, including the premium paid and transaction costs, if such asset prices fall. At the same time, the buyer can expect to suffer a loss if such asset prices do not rise sufficiently to offset the cost of the option.

A Fund would normally purchase put options in anticipation of a decrease in the market value of the underlying assets. As the holder of a put option, a Fund has the right to sell the underlying asset at any time during the option period. A Fund may also purchase put options on a security or currency related to its investments as a defensive technique in order to protect against an anticipated decline in the value of the underlying asset. Such hedge protection is provided only during the life of the put option when a Fund, as holder of the put option, is able to sell the underlying asset at the put exercise price regardless of any decline in the underlying asset's market price. The premium paid for the put option and any transaction costs would reduce any gain otherwise available for distribution when the asset is eventually sold.

**Futures Contracts.** Each Fund may purchase and sell futures contracts, including, but not limited to, interest rate, index, or foreign currency futures contracts that are traded on a recognized U.S. exchange, board of trade or similar entity, or quoted on an automated quotation system. A Fund may engage in transactions in futures contracts for "short" hedging or "long" strategies as described below.

When a Fund purchases a futures contract, it agrees to purchase a specified underlying instrument at a specified future date. When a Fund sells a futures contract, it agrees to sell the underlying instrument at a specified future date. The price at which the purchase and sale will take place is fixed when a Fund enters into the contract. While a Fund may make or take delivery of the underlying instrument whenever it appears economically advantageous to do so, positions taken in the futures markets are not normally held to maturity but are instead liquidated through offsetting transactions which may result in a profit or loss as discussed below.

A Fund may take a "short" position in the futures market by selling futures contracts in an attempt to hedge against an anticipated rise in interest rates or a decline in market prices or foreign currency rates that would adversely affect the value of the Fund's portfolio securities. As part of its hedging strategy, a Fund may sell futures contracts on (i) securities held by the Fund or securities with characteristics similar to those of the Fund's portfolio securities, (ii) currencies in which its portfolio securities are quoted or denominated or on one currency to hedge against fluctuations in the value of securities denominated in a different currency if there is an established historical pattern of correlation between the two currencies, or (iii) other financial instruments, securities indices or other indices, if, in the opinion of Heartland Advisors, there is a sufficient degree of correlation between price trends for the Fund's portfolio securities and such futures contracts. A successful short hedging position would result in any depreciation in the value of portfolio securities being substantially offset by appreciation in the value of the futures position. Conversely, any unanticipated appreciation in the value of a Fund's portfolio securities would be substantially offset by a decline in the value of the futures position.

Each Fund may also take a "long" position in the futures market by purchasing futures contracts. This strategy would be employed, for example, when interest rates are falling or securities prices are rising and a Fund anticipates the subsequent purchase of particular securities when it has the necessary cash, but expects the prices or currency exchange rates then available in the applicable market to be less favorable than prices that are currently available. A Fund may also purchase futures contracts to alter the investment characteristics of or currency exposure associated with portfolio securities, as a substitute for transactions in securities or foreign currencies, or to gain or increase exposure to a particular securities market or currency.

The purchaser of a futures contract is not required to pay for and the seller of a futures contract is not required to deliver the underlying instrument unless the contract is held until the delivery date. However, upon entering into a futures contract, and to maintain an open position in futures contracts, a Fund would be required to deposit "initial margin" in a segregated account in the name of the executing futures commission merchant when the contract is entered into. The initial margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on initial margins that may range upward from less than 5% of the value of the contract being traded. There may be certain circumstances, such as periods of high volatility, that cause an exchange to increase the level of a Fund's initial margin payment. Unlike margin in securities transactions, initial margin on futures contracts does not represent a borrowing to a Fund, but rather is in the nature of a performance bond or good-faith deposit that is returned to the Fund upon termination of the transaction assuming all contractual obligations have been satisfied.

Each day that a Fund has an open position in a futures contract or an option on a futures contract it will pay or receive cash, called "variation margin," to or from the futures broker equal to the daily change in value of the futures contract. This process is known as "marking to market." Variation margin paid or received by a Fund does not represent a borrowing or a loan, but rather represents settlement between the Fund and the broker of the amount one would owe the other if the futures contract had expired at the close of the previous day. When a Fund purchases an option on a future, all that is at risk is the premium paid plus transaction costs. Alternatively, when a Fund purchases or sells a futures contract or writes a call or put option thereon, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. A Fund may be required to sell securities at a time when such sales are disadvantageous in the event a Fund has insufficient cash to meet daily variation margin requirements. In computing daily NAV, each Fund will mark to market the current value of any open futures contracts. The Funds expect to earn interest income on their margin deposits.

Futures contracts can be held until their delivery dates, or can be closed out before then if a liquid secondary market is available; however, there can be no assurance that such a market will exist at any particular time or that a Fund will be able to effect such closing transactions at a favorable price. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical securities and the same delivery date. If a Fund closes out an open futures contract by entering into an offsetting futures contract, and the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a Fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When a Fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market. Selling futures contracts, therefore, will tend to offset both positive and negative market price changes, much as if the underlying instrument had been sold. Movements in the prices of futures contracts or options on futures contracts may not correlate perfectly with movements in the prices of the underlying instruments due to certain characteristics of the futures markets. In particular, daily variation margin calls may cause certain participants in futures markets to liquidate futures or options on futures contracts positions to avoid being subject to further calls. These liquidations could distort the normal price relationship between the futures or options and the underlying instruments by increasing price volatility. Temporary price distortion may also be caused by increased participation by speculators in the futures markets as a result of initial margin deposit requirements being less onerous than in the securities markets.

**Limitations on Transactions in Futures and Options on Futures and Other Commodity Interests.** The Funds will engage in transactions in futures contracts and options thereon either for bona fide hedging purposes or to seek to increase total return, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission ("CFTC"). To the extent a Fund engages in transactions in futures contracts and options thereon and other commodity interests such as certain swap contracts, it will do so only in accordance with certain CFTC exemptive provisions under which Heartland Advisors, on behalf of the Funds, has claimed an exclusion from the definition of a "commodity pool operator" under Rule 4.5 of the Commodity Exchange Act, as amended (the "CEA"), and therefore, Heartland Advisors is not subject to registration or regulation as a commodity pool operator under the CEA. A Fund may hold positions in futures contracts and related options and other commodity interests that do not qualify as bona fide hedging positions only in accordance with the thresholds set forth under Rule 4.5 of the CEA, which generally limit the aggregate initial margin and premiums required to establish the Funds' commodity interests to 5% of a Fund's net asset value or the aggregate or notional value of such positions to 10% of a Fund's net asset value.

**Combined Positions.** Each Fund may purchase and write options in combination with another, or in combination with futures or forward contracts, to adjust the risk and return characteristics of the overall position. For example, a Fund may purchase a put option and write a call option on the same underlying instrument in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. Another possible combined position would involve writing a call option at one exercise price and buying a call option at a lower price, in order to reduce the risks of the written call option in the event of a substantial price increase. Because combined positions involve multiple trades, they may result in higher transaction costs and may be more difficult to open and close out.

**Risks in Options and Futures Transactions.** Options and futures can be highly volatile investments and involve certain risks. A decision about whether, when, and how to use options and futures involves skill and judgment, and even a hedge may be unsuccessful because of unexpected market behavior, or market or interest rate trends. Successful options and futures strategies require the ability to predict future movements in securities prices, interest rates, and other economic factors. There are significant differences between the securities markets, the currency markets, and the options and futures markets that could result in an imperfect correlation between markets, causing a given transaction not to achieve its objectives. Options and futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect prices of the underlying instruments the same way. Imperfect correlation may also result from different levels of demand in the options and futures markets and the markets for the underlying instruments, from structural differences in how options and futures, on the one hand, and securities, on the other hand, are traded or from imposition of daily price fluctuation limits or trading halts or suspensions by an exchange. If price changes in a Fund's options or futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

Because there are a limited number of types of exchange-traded options and futures contracts, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. A Fund may invest in options and futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the options or futures positions will not track the performance of the Fund's other investments. For example, even the use of an option or a futures contract on a securities index may result in an imperfect correlation since the index generally will be composed of a much broader range of securities than the securities in which a Fund likely is to be invested. To the extent that a Fund's options or futures positions do not match its current or anticipated investments, there is an increased risk that the options or futures positions will not track performance of the Fund's other investments. Moreover, a Fund may purchase or sell options and futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases.

Because of the low margin deposits required, futures trading involves a high degree of leverage. A relatively small price movement in futures contracts could result in an immediate and substantial gain or loss to a Fund. Therefore, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract by a Fund.

There can be no assurance that a liquid secondary market will exist for any particular options or futures contracts at any particular time. On volatile trading days when the price fluctuation limit is reached or a trading halt or suspension is imposed, it may be impossible for the Fund to enter into new positions, close out existing positions, or dispose of assets held in a segregated account. These events may also make an option or futures contract difficult to price. If the secondary market for a futures contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions and potentially require a Fund to continue to hold the position until delivery or expiration regardless of changes in its value. As a result, a Fund's access to other assets held to cover its options or futures positions could also be impaired. Similarly, if a Fund is unable to effect a closing sale transaction with respect to options it has purchased, it would have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities or currencies.

**Federal Tax Treatment of Options and Futures Contracts.** The Funds may enter into certain options and futures contracts which may or may not be treated as Section 1256 contracts or straddles under the Code. Transactions which are considered Section 1256 contracts will be considered to have been closed at the end of a Fund's fiscal year and any gains or losses will be recognized for federal income tax purposes at that time. Generally, such gains or losses from the normal closing or settlement of such transactions will be characterized as 60% long-term capital gain or loss and 40% short-term capital gain or loss regardless of the holding period of the instrument. A Fund will be required to recognize net gains or losses on such transactions when determining the Fund's Distribution Requirement even though it may not have closed the transaction and received cash to pay such distribution.

An options or futures contract may be considered a position in a straddle for tax purposes, in which case a loss on any position in the straddle may be subject to deferral to the extent of unrecognized gain in an offsetting position.

In order for a Fund to continue to qualify for federal income tax treatment as a regulated investment company, at least 90% of its gross income for a taxable year must be derived from qualifying income (which includes dividends, interest, income derived from loans of securities, and gains from the sale of securities or foreign currencies). Gains from options, futures, and forward foreign exchange contracts derived with respect to a Fund's business of investing in stock, securities or foreign currencies are qualifying income. See "Portfolio Management Strategies – Foreign Currency Transactions" for a discussion of forward foreign exchange contracts.

The Code imposes constructive sale treatment for federal income tax purposes on certain hedging strategies with respect to appreciated securities. Under these rules, taxpayers will recognize gain, but not loss, with respect to securities if they enter into short sales, "offsetting notional principal contracts" (as defined by the Code), futures contracts, or "forward contracts" (as defined by the Code) with respect to the same or substantially identical property, or if they enter into such transactions and then acquire the same or substantially identical property. Furthermore, the Secretary of the Treasury is authorized to promulgate regulations that will treat as constructive sales certain transactions that have substantially the same effect as short sales, offsetting notional principal contracts, and futures or forward contracts to deliver the same or substantially identical property.

**Convertible Securities**

Convertible securities in which the Funds may invest include any bonds, debentures, notes, preferred stocks, or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. By investing in convertible securities, a Fund obtains the right to benefit from the capital appreciation potential in the underlying common stock upon exercise of the conversion right, while generally earning higher current income than would be available if the common stock were purchased directly. In determining whether to purchase a convertible security, Heartland Advisors will look to the conversion feature and consider substantially the same investment criteria it would consider if purchasing the underlying common stock. However, these securities will nevertheless be subject to the same quality and investment limitations applicable to the Funds' investments in debt securities.

The value of a convertible security is a function of its "investment value," which is determined by its yield in comparison with the yields of other securities of comparable quality and maturity that do not have the conversion privilege, and its "conversion value," which is the security's worth if converted into the underlying common stock. Investment value is typically influenced by interest rates and the credit standing of the issuer. Conversion value is determined by the market price of the underlying common stock and generally decreases as the convertible security approaches maturity.

**Investment Companies**

Each Fund may invest in the securities of other investment companies, including unit investment trusts, closed-end management companies, or exchange-traded funds ("ETFs") (as discussed below), as permitted under the 1940 Act. Section 12(d)(1) of the 1940 Act limits a Fund's investments in other investment companies so that, immediately after purchase or acquisition, (a) no more than 10% of its total assets may be invested in securities of other investment companies, (b) it may not own securities of any one investment company having a value in excess of 5% of the Fund's total assets, and (c) it may not own more than 3% of the total outstanding voting stock of any one investment company, subject to certain exceptions. As a shareholder of another investment company, a Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses of the Fund. See also the discussion below under the section titled "Exchange-Traded Funds."

Rule 12d1-4 under the 1940 Act also allows funds to invest in other registered funds, including exchange traded funds, in excess of the limits set forth in Section 12(d)(1) if a fund satisfies certain conditions specified in the Rule. Among other conditions, a fund and its advisory group may not control (individually or in the aggregate) an acquired fund (namely, hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Exchange-Traded Funds**

Each Fund may invest in securities of ETFs. ETFs are similar to traditional mutual funds, except that their shares trade throughout the trading day in the secondary brokerage market, much like stocks of public companies.

ETFs have their own operating expenses that are deducted from their assets and, thus, are borne by the shareholders of the ETF. Accordingly, a Fund that invests in an ETF will bear its share of the operating expenses of the ETF in which it invests. As a result, shareholders of the Fund will bear two layers of operating expenses to the extent the Fund invests in ETFs. An investment in an ETF generally presents the same primary risks as an investment in a traditional mutual fund such as the risk that the prices of the securities owned by the ETF will go down.

In addition to the risks described above, an investment in an ETF is also subject to the following risks that do not apply to an investment in a traditional mutual fund: (1) the market price of the ETF may trade at a discount to its NAV; (2) an active trading market for an ETF's securities may not develop or be maintained, which may result in issues with liquidity of the ETF shares; or (3) trading of an ETF's securities may be halted if the listing exchange's officials deem such action appropriate, the shares or interests are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halt trading in general.

The market prices of shares of ETFs fluctuate in response to changes in NAV and supply and demand for such shares and include a bid-ask spread charged by the exchange specialists, market makers or other participants and trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares of an ETF may trade at a discount to NAV. In particular, the following circumstances may impact the market price of the shares of ETFs: (1) in times of market stress, market makers may step away from their role of market making in the shares of ETFs and in executing trades, which can lead to differences between the market value of the shares and an ETF's NAV; (2) to the extent authorized participants ("APs") exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the shares, which can lead to differences between the market price of the shares and an ETF's NAV; (3) the market price for the shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for the shares than an ETF's NAV, which is reflected in the bid and ask price for shares or in the closing price; (4) when all or a portion of an ETF's underlying securities trade in a market that is closed when the market for the shares is open, there may be changes from the last quote of the closed market and the quote from an ETF's domestic trading day, which could lead to differences between the market value of the shares and an ETF's NAV; and (5) in stressed market conditions, the market for the shares may become less liquid in response to the deteriorating liquidity of an ETF's portfolio.

Trading in shares of ETFs on the stock exchange where they are listed for trading (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. If the shares are traded outside a collateralized settlement system, the number of financial institutions that can act as APs that can post collateral on an agency basis is limited, which may limit the market for the shares.

Each Fund may invest in ETFs that Heartland Advisors determines are appropriate to help achieve the Fund's investment objective or otherwise are consistent with its investment program and restrictions. On occasion, the underlying investments of an ETF in which a Fund invests may not comply with some of the investment restrictions described in the section of this SAI titled "Types of Securities." However, in all cases, the underlying investments of the ETF will comply with the Fund's fundamental investment restrictions.

**Swap Agreements**

Each Fund may enter into swap agreements and may purchase or sell related caps, floors, and collars. The Funds would enter into these transactions primarily to preserve a desired return or spread on a particular investment or portion of its portfolio, as a duration management technique or to protect against any increase in the price of, or the currency exchange rate applicable to, securities it anticipates purchasing at a later date. The Funds intend to use these techniques for hedging purposes and not for speculation.

Swap agreements are generally individually negotiated agreements, primarily entered into by institutional investors, in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount" (that is, the return on, or increase in value of, a particular dollar amount invested at a particular interest rate) in a particular foreign currency or in a "basket" of securities representing a particular index. A Fund's successful use of these instruments will depend, in part, on Heartland Advisors' ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments.

Depending on its structure, a swap agreement may increase or decrease the exposure to changes in the value of an index of securities, the value of a particular security or group of securities, or foreign currency values. Depending on how it is used, a swap agreement may increase or decrease the overall volatility of a Fund's investments and its NAV. The performance of a swap agreement is determined by the change in the specific currency, market index or security, or other factors that determine the amounts of payments due to and from a Fund. A Fund's obligation under a swap agreement, which is generally equal to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement, will be accrued daily (offset against amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of the segregated account consisting of cash and/or other appropriate liquid assets having a value at least as great as the commitment underlying the obligations.

Swap agreements may include interest rate caps, which entitle the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount; interest rate floors, which entitle the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount; and interest rate collars, under which a party sells a cap and purchases a floor, or vice versa, in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

If a swap agreement calls for payments by a Fund, it must be prepared to make such payments when due. If the counterparty's creditworthiness declines, or in the event of a default of the counterparty, the value of the swap agreement would likely decline, potentially resulting in a loss of the amount expected to receive under a swap agreement. A Fund will enter into swap agreements only with counterparties that Heartland Advisors reasonably believes are capable of performing under the swap agreements. The swap market is largely unregulated and swap agreements may be considered to be illiquid. Certain swaps are considered "commodity interests" and are subject to the limitations set forth above under "Limitations on Futures and Options on Futures Transactions."

**Hybrid Instruments**

Each Fund may invest in hybrid instruments, a type of potentially high-risk derivative which combines the characteristics of futures contracts or options with those of debt, preferred equity, or a depositary instrument. Generally, a hybrid instrument will be a debt security or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to prices, securities, currencies, intangibles, goods, articles, or commodities, or by another objective index, economic factor, or other measure, such as interest rates, currency exchange rates, commodity indices, and securities indices. Thus, hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency, or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity.

Since hybrid instruments reflect a combination of the characteristics of futures or options with those of securities, hybrid instruments may entail significant risks that are not associated with a similar investment in a traditional debt instrument that has a fixed principal amount, is denominated in U.S. dollars, or bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally published benchmark. Although the risks of a particular hybrid instrument will depend upon the terms of the instrument, such risks may include, without limitation, the possibility of significant changes in the benchmarks or underlying assets to which the instrument is linked. Such risks generally depend upon factors that are unrelated to the operations or credit quality of the issuer (although credit risk of the issuer is a consideration) of the hybrid instrument and that may not be readily foreseen by the purchaser, such as economic and political events, the supply and demand for the underlying assets, and interest rate movements. The benchmarks and underlying assets to which hybrid instruments are linked may also result in greater volatility and market risk, including leverage risk which may occur when the hybrid instrument is structured so that a given change in a benchmark or underlying asset is multiplied to produce greater change in the value of the hybrid instrument, thereby magnifying the risk of loss as well as the potential for gain. In addition, hybrid instruments may also carry liquidity risk since the instruments are often "customized" to meet the needs of the particular investor. See the section of this SAI titled "Types of Securities – Derivative Instruments – Risks in Options and Futures Transactions" above.

**Debt Securities**

From time to time, the Advisor may conclude that a security other than an equity security presents an attractive risk/reward profile. As a result, each Fund may invest in corporate debt securities and U.S. Governmental obligations. There are no credit quality or maturity limitations on a Fund's investments in debt securities.

The risks inherent in short-, intermediate- and long-term debt securities depend on a variety of factors, including the term of the obligations, the size of a particular offering and the credit quality and rating of the issuer, in addition to general market conditions. In general, the longer the maturity of a debt obligation, the higher its yield and the greater its sensitivity to changes in interest rates. Conversely, the shorter the maturity, the lower the yield but the greater the price stability. A decline in the prevailing levels of interest rates will generally increase the value of the securities held by a Fund, and an increase in rates will generally have the opposite effect.

Foreign debt securities may be subject to additional risk as foreign securities markets may be less liquid and more volatile than U.S. markets. In addition, foreign debt securities may not provide debt holders with the same rights domestic debt holders receive.

Yields on debt securities depend on a variety of factors, including the financial condition of the issuer or other obligor thereon or the revenue source from which debt service is payable, the general economic and monetary environment, conditions in the relevant market, the size of a particular issue, maturity of the obligation, and the rating of the issue.

Debt obligations rated high and some debt obligations rated medium quality are commonly referred to as "investment-grade" debt obligations. Investment-grade debt obligations are generally believed to have relatively low degrees of credit risk. However, medium-quality debt obligations, while considered investment grade, may have some speculative characteristics, since their issuers' capacity for repayment may be more vulnerable to adverse economic conditions or changing circumstances than that of higher-rated issuers. The principal value of lower-rated securities generally will fluctuate more widely than higher-quality securities. Lower-quality securities entail a higher degree of risk as to the payment of interest and return of principal. Such securities are also subject to special risks, discussed below. To compensate investors for taking on such increased risk, issuers deemed to be less creditworthy generally must offer their investors higher interest rates than do issuers with better credit ratings.

In conducting its credit research and analysis, Heartland Advisors considers both qualitative and quantitative factors to evaluate the creditworthiness of individual issuers. Heartland Advisors also relies, in part, on credit ratings compiled by a number of nationally recognized statistical rating organizations ("NRSROs").

All ratings considerations are made at the time of purchase. Subsequent to purchase, a debt security may cease to be rated or its rating may be reduced. Neither event will require the sale of such a security, but it will be a factor in considering whether to continue to hold the security. To the extent that ratings change as a result of changes in a rating organization or their rating systems, the Funds will attempt to use comparable ratings as standards for selecting investments.

**"High-Yield" Risk.** Each Fund's investment program permits it to invest in non-investment grade debt obligations, sometimes referred to as "junk bonds" (hereinafter referred to as "lower-quality securities"). Lower-quality securities are those securities that are rated lower than investment grade and unrated securities believed by Heartland Advisors to be of comparable quality. Although these securities generally offer higher yields than investment grade securities with similar maturities, lower-quality securities involve greater risks, including the possibility of default or bankruptcy. In general, they are regarded to be more speculative with respect to the issuer's capacity to pay interest and repay principal. Other potential risks associated with investing in high-yield securities include:

● *Effect of Interest Rates and Economic Changes.* The market for lower-quality and comparable unrated securities can be negatively affected during a prolonged recession or economic downturn. Such conditions could severely disrupt the market for, and adversely affect the value of, such securities.

All interest-bearing securities typically experience price appreciation when interest rates decline and price depreciation when interest rates rise. The market values of lower-quality and comparable unrated securities tend to reflect individual issuer developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Lower-quality and comparable unrated securities also tend to be more sensitive to economic conditions than are higher-rated securities. As a result, they generally involve more credit risk than securities in the higher-rated categories. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower-quality and comparable unrated securities may experience financial stress and may not have sufficient revenues to meet their payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by an issuer of the securities is significantly greater than issues of higher-rated securities because such securities are generally unsecured and are often subordinated to their creditors. Further, if the issuer of a lower-quality or comparable unrated security defaulted, a Fund might incur additional expense to seek recovery. Periods of economic uncertainty and changes would also generally result in increased volatility in the market prices of these securities and thus in a Fund's NAV.

As previously noted, the value of a lower-quality or comparable unrated security generally will decrease in a rising interest rate market, and a Fund's NAV will decline correspondingly. If a Fund experiences unexpected net redemptions in such a market, it may be forced to liquidate a portion of its portfolio securities without regard to their investment merits. Due to the limited liquidity of lower-quality and comparable unrated securities (discussed below), a Fund may be forced to liquidate these securities at a substantial discount. Any such liquidation could force the Fund to sell the more liquid portion of its portfolio.

● *Credit Risk*. Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of lower-quality securities, and therefore may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the market value of the security. Consequently, credit ratings, including, for example, those published by S&P Global Ratings ("S&P"), Moody's Investors Service, Egan Jones, and Fitch Ratings, are used only as a preliminary indicator of investment quality. Investments in lower-quality and comparable unrated obligations will be more dependent on Heartland Advisors' credit analysis than would be the case with investments in investment-grade debt obligations. Accordingly, Heartland Advisors monitors bonds held in a Fund's portfolio to assess and determine whether the issuers will have sufficient cash flow to meet required principal and interest payments, and to assure the continued liquidity of such bonds so that the Fund can meet redemption requests.

*●* *Legal Risk.* Securities in which a Fund may invest are subject to the provisions of bankruptcy, insolvency, reorganization, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any, which may be enacted by Congress, state legislatures or other governmental agencies extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations within constitutional limitations. There is also the possibility that, as a result of litigation or other conditions, the power or ability of issuers to make principal and interest payments on their debt securities may be materially impaired.

From time to time, legislation designed to limit the use of certain lower-quality and comparable unrated securities by certain issuers may be adopted. It is anticipated that if legislation is enacted or proposed, it could have a material effect on the value of these securities and the existence of a secondary trading market for such securities.

● *Liquidity Risk*. A Fund may have difficulty disposing of certain lower quality and comparable unrated securities because there may be a thin trading market for such securities. Because not all dealers maintain markets in all lower-quality and comparable unrated securities, there is no established retail secondary market for many of these securities. Heartland Advisors anticipates that such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market does exist, it generally is not as liquid as the secondary market for higher-rated securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security and disposition of the security may involve time-consuming negotiation and legal expense. As a result, a Fund's NAV and ability to dispose of particular securities when necessary to meet the Fund's liquidity needs, or in response to a specific economic event, may be affected.

**U.S. Government Obligations** **.** Each Fund may invest in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. These securities include a variety of Treasury securities, which differ in their interest rates, maturities, and times of issuance. Treasury Bills generally have maturities of one year or less; Treasury Notes generally have maturities of one to ten years; and Treasury Bonds generally have maturities of greater than ten years. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, such as Government National Mortgage Association pass-through certificates, are supported by the full faith and credit of the U.S. Treasury; other obligations, such as those of the Federal Home Loan Banks, are secured by the right of the issuer to borrow from the Treasury; other obligations, such as those issued by the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and other obligations, such as those issued by the Student Loan Marketing Association, are supported only by the credit of the instrumentality itself. Although the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law.

**Floating and Variable Rate Securities** **.** Each Fund may invest in securities which offer a variable or floating rate of interest. Floating rate securities generally provide for automatic adjustment of the interest rate whenever some specified interest rate index changes. Variable rate securities, on the other hand, provide for automatic establishment of a new interest rate at fixed intervals. Interest rates on floating and variable rate securities are based on a designated rate or a specified percentage thereof, such as a bank's prime rate.

Floating or variable rate securities typically include a demand feature entitling the holder to demand payment of the obligation on short notice at par plus accrued interest. Some securities which do not have floating or variable interest rates may be accompanied by puts producing similar results and price characteristics. The issuer of these securities normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal amount of the note plus accrued interest upon a specified number of days' notice to the noteholders. When considering the maturity of any instrument which may be sold or put to the issuer or a third party, a Fund may consider the instrument's maturity to be shorter than its stated maturity.

**Deferrable Subordinated Securities** **.** Certain securities may be issued which have long maturities and are deeply subordinated in the issuer's capital structure. They generally have 30-year maturities and permit the issuer to defer distributions for up to five years. These characteristics give the issuer more financial flexibility than is typically the case with traditional bonds. As a result, the securities may be viewed by rating agencies and bank regulators as possessing certain "equity-like" features. However, the securities are treated as debt securities by market participants, and each Fund intends to treat them as such as well. These securities may offer a mandatory put or remarketing option that creates an effective maturity date significantly shorter than the stated one. Each Fund may invest in these securities to the extent their yield, credit and maturity characteristics are consistent with the Fund's investment objective and strategies.

**Inflation-Indexed Bonds** **.** Each Fund may invest in inflation-indexed bonds issued by the U.S. Government, its agencies or instrumentalities. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward and, as a result, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. If any such downward adjustment in the principal value of an inflation-indexed bond exceeds the interest otherwise includable in a Fund's gross income for the relevant tax year, the excess will be treated as an ordinary loss to the extent of prior year net interest inclusions from such bond.

If the periodic adjustment rate measuring inflation increases, the principal value of inflation-indexed bonds will be adjusted upward and, as a result, the interest payable on these securities (calculated with respect to a larger principal amount) will be increased. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income and will be includable in a Fund's gross income in the period in which it accrues, even though investors do not receive their principal until maturity, subject to offset against any tax loss carryforwards from earlier tax years. There can be no assurance that the applicable inflation index for the security will accurately measure the real rate of inflation (or deflation) in the prices of goods and services.

**Mortgage-Related and Asset-Backed Securities.** Mortgage-related securities in which the Funds may invest include mortgage pass-through securities and derivative mortgage securities, such as collateralized mortgage obligations and stripped mortgage-backed securities. These securities are issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities (collectively, "private lenders"). Mortgage-backed securities issued by private lenders may be supported by pools of mortgage loans or other mortgage-backed securities that are guaranteed, directly or indirectly, by the U.S. Government or one of its agencies or instrumentalities, or they may be issued without any governmental guarantee of the underlying mortgage assets but with some form of non-governmental credit enhancement.

Asset-backed securities have structural characteristics similar to mortgage-backed securities. Asset-backed debt obligations represent direct or indirect participation in, or are secured by and payable from, assets such as motor vehicle installment sales contracts, other installment loan contracts, home equity loans, leases of various types of property, and receivables from credit card or other revolving credit arrangements. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. Payments or distributions of principal and interest on asset-backed debt obligations may be supported by non-governmental credit enhancements including letters of credit, reserve funds, overcollateralization, and guarantees by third parties. The market for privately issued asset-backed debt obligations is smaller and less liquid than the market for government sponsored mortgage-backed securities.

In general, mortgage-related and asset-backed securities have yield and maturity characteristics corresponding to the underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until the entire principal amount comes due at maturity, payments on certain mortgage-related and asset-backed securities include both interest and a partial repayment of principal. Besides the scheduled repayment of principal, repayments of principal on mortgage-related and asset-backed securities may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans or other assets. Prepayments may result in early payment of the applicable mortgage-related or asset-backed securities. In that event, a Fund may be unable to invest the proceeds from the early payment of the mortgage-related or asset-backed securities in an investment that provides as high a yield as the mortgage-related or asset-backed securities that were repaid early. Consequently, early payment associated with mortgage-related and asset-backed securities may cause these securities to experience significantly greater price and yield volatility than that experienced by traditional fixed-income securities. During periods of falling interest rates, the rate of prepayments generally tends to increase, thereby tending to decrease the life of mortgage-related and asset-backed securities. During periods of rising interest rates, the rate of prepayments generally decreases, thereby tending to increase the life of mortgage-related and asset-backed securities. If the life of a mortgage-related or asset-backed security is inaccurately predicted, a Fund may not be able to realize the rate of return it expected.

Mortgage-related and asset-backed securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. During periods of declining interest rates, prepayments likely would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates.

Prepayments may cause losses in securities purchased at a premium. At times, some of the mortgage-related and asset-backed securities in which a Fund may invest may have higher than market yields and, therefore, will be purchased at a premium above their par value. Unscheduled prepayments, which are made at par, will cause the Fund to experience a loss equal to any unamortized premium. In addition, the value of mortgage-related and asset-backed securities may change due to changes in the market's perception of the creditworthiness of the issuer, and the mortgage-related and asset-backed securities markets in general may be adversely affected by changes in governmental regulation or tax policies.

Certain characteristics of adjustable rate mortgage securities ("ARMs") may make them more susceptible to prepayments than other mortgage-related securities. Unlike fixed rate mortgages, the interest rates on adjustable rate mortgages are adjusted at regular intervals, generally based on a specified, published interest rate index. Investments in ARMs allow a Fund to participate in changing interest rate levels through regular adjustments in the coupons of the underlying mortgages, resulting in more variable current income and potentially shorter duration characteristics than longer-term fixed rate mortgage securities. The extent to which the values of ARMs fluctuate with changes in interest rates will depend on the frequency of the interest resets on the underlying mortgages, and the specific indices underlying the ARMs, as certain indices closely mirror market interest rate levels and others tend to lag changes in market rates.

ARMs will frequently have caps and floors which limit the maximum amount by which the interest rate on the underlying mortgage loans may move up or down during each adjustment period and over the life of the loan. Interest rate caps on ARMs may cause them to decrease in value in an increasing interest rate environment and may also prevent their income from increasing to levels commensurate with prevailing interest rates. Conversely, interest rate floors on ARMs may cause their income to remain higher than prevailing interest rate levels and result in an increase in the value of such securities. However, this increase may be tempered by an acceleration of prepayments. In general, ARMs tend to experience higher levels of prepayment than other mortgage-related securities. During periods of favorable interest rate environments, holders of adjustable rate mortgages have greater incentives to refinance with fixed-rate mortgages in order to avoid interest-rate risk. In addition, significant increases in the index rates used for adjustment of the mortgages may result in increased delinquency, default and foreclosure rates, which in turn would increase the rate of prepayment on the ARMs.

Collateralized mortgage obligations ("CMOs") are designed to reduce the risk of prepayment for investors by issuing multiple classes of securities, each having different maturities, interest rates and payment schedules, and with the principal and interest on the underlying mortgages allocated among the several classes in various ways. Payment of interest or principal on some classes or series of CMOs may be subject to contingencies or some classes or series may bear some or all of the risk of default on the underlying mortgages. CMOs of different classes or series are generally retired in sequence as the underlying mortgage loans in the mortgage pool are repaid. If enough mortgages are repaid ahead of schedule, the classes or series of a CMO with the earliest maturities generally will be retired prior to their maturities. Thus, the early retirement of particular classes or series of a CMO held by a Fund would have the same effect as the prepayment of mortgages underlying other mortgage-related securities. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile and the market for certain CMOs may not be as liquid as the market for other securities in general.

Similarly, prepayments could also result in losses on stripped mortgage-backed and asset-backed securities. Stripped mortgage-backed and asset-backed securities are commonly structured with two classes that receive different portions of the interest and principal distributions on a pool of loans. A Fund may invest in both the interest-only or "IO" class and the principal-only or "PO" class. The yield to maturity on an IO class of stripped mortgage-backed or asset-backed securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments may have a measurable adverse effect on a Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater-than-anticipated prepayments of principal, a Fund may fail to recoup fully its initial investment in these securities. Conversely, POs tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. Complex instruments such as CMOs and stripped mortgage-backed securities may have a structure that makes their reaction to interest rates and other factors difficult to predict, potentially making their price highly volatile.

The secondary market for stripped mortgage-backed and asset-backed securities may be more volatile and less liquid than that for other securities, potentially limiting the Funds' ability to obtain market quotations for those securities or to buy or sell those securities at any particular time.

It is anticipated that certain entities may create loan pools offering pass-through investments in addition to the types discussed above, including securities with underlying pools of derivative mortgage-related and asset-backed securities. As new types of mortgage-related and asset-backed securities are developed and offered to investors, Heartland Advisors will, consistent with each Fund's objective and investment policies, consider making investments in such new types of securities.

**Zero-Coupon, Step-Coupon, and Pay-in-Kind Securities** **.** Each Fund may invest in zero-coupon, step-coupon and pay-in-kind securities. These securities are debt securities that do not make regular cash interest payments. Zero-coupon and step-coupon securities are sold at a deep discount to their face value. Pay-in-kind securities pay interest through the issuance of additional securities. Because such securities do not pay current cash income, the price of these securities can be volatile when interest rates fluctuate. While these securities do not pay current cash income, federal income tax law requires the holders of the zero-coupon, step-coupon and pay-in-kind securities to include in income each year the portion of the original issue discount (or deemed discount) and other non-cash income on such securities accrued during that year. In order to satisfy the Distribution Requirement and avoid a federal excise tax, a Fund may be required to distribute a portion of such discount and income and may be required to dispose of other portfolio securities, which could occur in periods of adverse market conditions, in order to generate cash to meet these distribution requirements.

**Indexed Securities**

Each Fund may purchase securities whose prices are indexed to the prices of other securities, securities indices, or other financial indicators. Indexed securities typically are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. For example, certain debt securities in which a Fund may invest may include securities whose interest rates are determined by reference to one or more specific financial indicators, such as the Secured Overnight Financing Rate (SOFR), resulting in a security whose interest payments tend to rise and fall together with the financial indicator. Indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified underlying instrument's value increases, resulting in a security that performs similarly to the underlying instrument, or their maturity value may decline when the underlying instrument increases, resulting in a security whose price characteristics are similar to a put on the underlying instrument.

The performance of indexed securities depends to a great extent on the performance of the security or other instrument to which they are indexed, and may also be influenced by interest rate changes in the U.S. and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have included banks, corporations, and certain U.S. government agencies.

The market for indexed securities may be thinner and less active than the market for securities in general, which can adversely affect the prices at which indexed securities are sold. Judgment plays a greater role in valuing certain indexed securities than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability to value accurately indexed securities and a Fund's ability to dispose of these securities.

**Sector Risk**

To the extent a Fund invests more heavily in securities of companies in one sector of the market, the more susceptible the Fund is to economic, political and regulatory developments that significantly affect that sector. Therefore, the value of Fund shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors. An individual sector of the market may have above-average performance during particular periods, but may also move up and down more than the broader market. A Fund's performance could also be affected if the sectors do not perform as expected. Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors.

*Financials Sector Risk.* Each Fund may invest in companies in the financials sector. The value of securities of issuers in the financials sector can be sensitive to changes in government regulation and to economic downturns in the United States and abroad. In addition to changes in government regulation and economic conditions, the performance of the Fund could be negatively impacted by many factors affecting the financials sector, including, among others, changes in interest rates, credit rating downgrades, decreased liquidity in credit markets, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital, among other factors. With particular respect to banking companies in which a Fund may invest, extensive governmental regulation may limit the amounts and types of loans and other financial commitments banking companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Further, the profitability of banking companies is heavily dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition and credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. The financials sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses, which may negatively impact a Fund.

**Loan Interests**

Each Fund may invest in loan interests, which are interests in amounts owed by a municipality or other borrower to lenders or lending syndicates. Loan interests purchased by a Fund will vary in maturity, may be subject to restrictions on resale, are not readily marketable and may be secured or unsecured. They involve the risk of loss in case of default or bankruptcy of the borrower or, if in the form of a participation interest, the insolvency of the financial intermediary. If a Fund acquires a loan interest under which the Fund derives its rights directly from the borrower, such loan interests are separately enforceable by the Fund against the borrower and all payments of interest and principal are typically made directly to the Fund from the borrower. In the event that a Fund and other lenders become entitled to take possession of shared collateral being held in connection with a loan interest as a result of default or insolvency, it is anticipated that such collateral would be held in the custody of an institution for their mutual benefit.

Typically, the U.S. or foreign commercial bank, insurance company, finance company, or other financial institution that originates, negotiates and structures the loan interest (the "Agent") administers the terms of the loan agreement. As a result, a Fund will generally rely on the Agent to receive and forward to the Fund its portion of the principal and interest payments on the loan. A Fund may also rely on the Agent and the other members of the lending syndicate to use appropriate credit remedies against the borrower, if necessary. However, a Fund may be required to perform certain tasks on its own behalf in the event the Agent does not perform certain administrative or enforcement functions.

A Fund may incur certain costs and delays in realizing payment on a loan interest, or suffer a loss of principal and/or interest, in the event the Agent becomes insolvent or enters into receivership or bankruptcy proceedings. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. In addition, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral can be liquidated.

**Real Estate Investment Trusts**

Each Fund may purchase real estate investment trusts ("REITs"), which may own real estate properties ("equity REITs") or may make or purchase mortgages on real estate ("mortgage REITs"). REITs are subject to volatility from risks associated with investments in real estate and investments dependent on income from real estate, such as fluctuating demand for real estate and sensitivity to adverse economic conditions. Equity REITs may be adversely affected by rising interest rates, which may increase the costs of obtaining financing for real estate projects or cause investors to demand a high annual yield from future distributions. Mortgage REITs may experience diminished yields during periods of declining interest rates if they hold mortgages that the mortgagors elect to prepay during such periods. In addition, the failure of a REIT in which a Fund has invested to continue to qualify as a REIT for federal income tax purposes would have an adverse impact on the value of the Fund's investment.

Some REITs have relatively small market capitalizations, which could increase their market volatility. REITs tend to depend upon specialized management skills and may have limited diversification causing them to be subject to risks inherent in operating and financing a limited number of properties.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction. The IRS has issued final Treasury Regulations that permit a dividend or part of a dividend paid by a regulated investment company and reported as a "section 199A dividend" to be treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction, if certain holding period and other requirements have been satisfied by the recipient with respect to its Fund shares.

**Rights and Warrants**

Each Fund may purchase rights and warrants, which are securities giving the holder the right, but not the obligation, to purchase the underlying securities at a predetermined price during a specified period or perpetually. Rights and warrants are considered more speculative than certain other types of investments because they generally have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. In addition, the prices of rights and warrants do not necessarily move parallel to the prices of the underlying securities, and they cease to have value if they are not exercised on or prior to their expiration dates.

**When-Issued and Delayed-Delivery Securities; Forward Commitments**

Each Fund may purchase securities on a when-issued or delayed-delivery basis, and may purchase forward commitments. Payment and interest terms of these securities are set out at the time a Fund enters into the commitment to purchase, but normally the securities are not issued, and delivery and payment for such obligations normally does not take place, for a month or more after the purchase date. In a forward commitment transaction, a Fund contracts to purchase securities for a fixed price at a future date beyond customary settlement time. Obligations purchased on a when-issued or forward commitment basis involve a risk of loss if the value of the security purchased declines prior to the settlement date, and may increase fluctuation in a Fund's NAV.

On the date a Fund enters into an agreement to purchase securities on a when-issued or forward commitment basis, it will record the transaction and reflect the value of the obligation in determining its NAV. Each Fund will only make commitments to purchase securities on a when-issued basis with the intention of actually acquiring the securities, but may sell them before the settlement date if it is deemed advisable. Under the SEC's derivatives rule, Rule 18f-4, each Fund may invest in when-issued and delayed-delivery securities, subject to certain conditions, including that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

**PORTFOLIO MANAGEMENT STRATEGIES**

The following information supplements the discussion of the Funds' investment objectives and policies in the Prospectus.

**Borrowing**

Section 18(f)(1) of the 1940 Act generally prohibits a fund from issuing senior securities, except a fund may borrow from a bank provided it maintains asset coverage of at least 300%, including the amount borrowed.

Each Fund may borrow from any bank for temporary purposes. A borrowing is presumed to be for temporary purposes if it is repaid by the Fund within 60 days and is not extended or renewed. Each Fund may also borrow for other purposes, such as facilitating the cash management of its investment portfolio, making other investments or engaging in certain transactions permissible under the 1940 Act that may be considered a borrowing (such as dollar rolls and reverse repurchase agreements). The Funds may enter into a line of credit with a bank for temporary, emergency or other purposes, such as, without limitation, to meet redemption requests in situations where borrowing may be preferable to the liquidation of portfolio securities. Borrowing may result in interest expense on the amount borrowed and other fees and expenses for the borrowing Fund which may impact such Fund's net expenses.

**Foreign Currency Transactions**

To manage the currency risk accompanying investments in foreign securities and to facilitate the purchase and sale of foreign securities, the Funds may engage in foreign currency transactions on a spot, or cash, basis at the spot rate prevailing in the foreign currency exchange market or through forward foreign currency exchange contracts ("forward contracts"). Forward contracts are contractual obligations to purchase or sell a specific currency at a future date (or within a specified time period) at a price set at the time of the contract. These contracts are usually entered into with banks and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

The Funds may use these instruments for hedging or any other lawful purpose consistent with their investment objectives.

When a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, it may desire to "lock in" the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of foreign currency involved in the underlying security transaction, a Fund will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

In addition, when Heartland Advisors believes that the currency of a particular foreign country may suffer a substantial decline against another currency, including the U.S. dollar, it may enter into a forward contract to sell or buy the amount of the former foreign currency, approximating the value of some or all of a Fund's portfolio securities denominated in such foreign currency. Alternatively, where appropriate, a Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currency or currencies act as an effective proxy for other currencies. In such a case, a Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency it holds.

The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. Under normal circumstances, consideration of the prospect for currency parities will be incorporated into the longer-term investment decisions made with regard to overall diversification strategies. However, Heartland Advisors believes that it is important to have the flexibility to enter into such forward contracts when it determines that the best interests of a Fund will be served.

Successful use of forward currency contracts will depend on Heartland Advisors' skill in analyzing and predicting currency values. Forward contracts may substantially change a Fund's investment exposure to changes in currency exchange rates, and could result in losses to the Fund if currencies do not perform as Heartland Advisors anticipates. For example, if a currency's value rose at a time when Heartland Advisors had hedged a Fund by selling that currency in exchange for U.S. dollars, the Fund would be unable to participate in the currency's appreciation. There might be imperfect correlation, or even no correlation, between price movements of an instrument and price movements of investments being hedged. Such a lack of correlation might occur due to factors unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which these instruments are traded. In addition, a Fund's use of currency-related derivative instruments is always subject to the risk that the currency in question could be devalued by the foreign government. In such a case, any long currency positions would decline in value and could adversely affect any hedging position maintained by a Fund. There is no assurance that Heartland Advisors' use of forward currency contracts will be advantageous to a Fund or that it will hedge at an appropriate time.

Forward foreign exchange contracts may or may not be treated as Section 1256 contracts or straddles under the Code. See "Types of Securities – Derivative Instruments – Federal Tax Treatment of Options and Futures Contracts."

**Lending Portfolio Securities**

Each Fund may lend its portfolio securities to institutional investors or broker-dealers up to a maximum of one-third of its total assets, where such loans are callable at any time and are continuously secured by collateral consisting of cash or liquid assets at least equal to the value of the security lent. The collateral received by a Fund may be invested in government securities, money-market instruments, or other short-term debt instruments. A Fund receives amounts equal to earned income for having made the loans, net of certain fees. A Fund is the beneficial owner of the loaned securities in that any gain or loss in the market price during the loan period inures to the Fund. Thus, when the loan is terminated, the value of the securities may be more or less than their value at the beginning of the loan. In determining whether to lend its portfolio securities, a Fund takes into account the creditworthiness of the borrower since the Fund could experience costs and delays in recovering loaned securities or exercising its rights to the collateral in the event of bankruptcy of the borrower. A Fund may pay a fee to placing brokers in connection with loans of its portfolio securities. Lending portfolio securities involves risks, including, but not limited to, that the borrower may fail to return the securities or provide additional collateral, as required. Also, voting rights with respect to loaned securities may pass with the lending of the securities, which may limit Heartland's ability to vote such securities. Brown Brothers Harriman & Co. ("BBH") acted as the securities lending agent for the Funds until the program's termination on May 7, 2025. In its capacity as securities lending agent, BBH, among other things, entered into and maintained securities loan agreements with borrowers, negotiated fees with borrowers, delivered securities to borrowers, received collateral from borrowers in connection with each loan, held the collateral on behalf of a Fund engaged in securities lending and invested the cash collateral in accordance with Heartland Advisors' instructions. BBH received fees from the Funds and such fees were calculated on, and deducted from, a Fund's securities lending revenues.

For the period from January 1, 2025 through May 7, 2025, BBH provided the following securities lending related services:

● Negotiation of borrower agreements;

● Credit review and monitoring of approved borrowers;

● Loan negotiation;

● Instructing custodian or subcustodians/depositories;

● Marks to market;

● Collateral management oversight;

● Loan terminations/recalls;

● Income collection;

● Corporate action monitoring;

● Performance/oversight reporting;

● Reconciliation; and

● Recordkeeping.

For the period from January 1, 2025 through May 7, 2025, the Mid Cap Value Fund derived the following gross and net income from its securities lending activities:

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| | |
|:---|:---|
|  | **Mid Cap <br> Value Fund** |
| Gross income from securities lending activities: | $11425 |
| &nbsp;&nbsp;&nbsp;Fees and/or compensation for securities lending activities and related services: |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | 989 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | 0 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in revenue split | 0 |
| &nbsp;&nbsp;&nbsp;Indemnification fee not included in revenue split | 0 |
| &nbsp;&nbsp;&nbsp;Rebates (paid to borrower) | 7471 |
| &nbsp;&nbsp;&nbsp;Other fees not included in revenue split | 0 |
| Aggregate fees/compensation for securities lending activities: | 8460 |
| **Net income from securities lending activities:** | $2965 |

---

The Value Plus Fund and Value Fund did not engage in securities lending activities during the fiscal year ended December 31, 2025.

**Repurchase Agreements**

Each Fund may enter into repurchase agreements with certain banks or nonbank dealers. In a repurchase agreement, a Fund buys a security at one price, and at the time of sale the seller agrees to repurchase the obligation at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser's holding period, while the seller's obligation to repurchase is secured by the value of the underlying security. Repurchase agreements which mature in more than seven days will be treated as illiquid securities under the guidelines adopted by Heartland's Board of Directors and will be subject to the Fund's limitation on illiquid investments. See "Types of Securities – Illiquid Investments" above.

Such repurchase agreements will be made only with banks with assets of $500 million or more that are insured by the Federal Deposit Insurance Corporation or with Government securities dealers recognized by the Federal Reserve Board and registered as broker-dealers with the SEC or exempt from such registration. Each Fund will generally enter into repurchase agreements of short durations, from overnight to one week, although the underlying securities generally have longer maturities.

However, each Fund will always receive as collateral for any repurchase agreement to which it is a party securities acceptable to the Advisor, the market value of which is equal to at least 100% of the amount invested by the Fund plus accrued interest, and the Fund will make payment against such securities only upon physical delivery or evidence of book entry transfer to the account of its Custodian. If the market value of the U.S. Government security subject to the repurchase agreement becomes less than the repurchase price (including interest), the Fund will direct the seller of the U.S. Government security to deliver additional securities so that the market value of all securities subject to the repurchase agreement will equal or exceed the repurchase price.

Heartland Advisors will monitor, on an ongoing basis, the value of the underlying securities to ensure that the value equals or exceeds the repurchase price plus accrued interest. Since the underlying securities are not owned by a Fund but only constitute collateral for the seller's obligation to repay the purchase price, repurchase agreements could involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon the Fund's ability to dispose of and costs in connection with the disposal of the underlying securities. Although no definitive creditworthiness criteria are used, Heartland Advisors reviews the creditworthiness of the banks and nonbank dealers with which the Funds enter into repurchase agreements to evaluate those risks. A Fund may, under certain circumstances, deem repurchase agreements collateralized by U.S. government securities to be investments in U.S. government securities.

**Reverse Repurchase Agreements and Dollar Rolls**

Each Fund may enter into reverse repurchase agreements with banks and broker-dealers, under which the Fund sells a portfolio security to such party in return for cash and agrees to repurchase the instrument at a particular price and time. A Fund generally retains the right to interest and principal payments on the security. As permitted by the SEC's derivatives rule, Rule 18f-4, each Fund has elected to treat reverse repurchase agreements and similar financing transactions as borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act. Accordingly, while a reverse repurchase agreement is outstanding, a Fund will maintain 300% asset coverage by designating cash or other liquid assets on its records with respect to the Fund's obligation under the agreement. In addition, the reverse repurchase agreement or other financing shall be combined with any bank borrowings by the Fund for purposes of the 300% asset coverage requirement of Section 18(f) of the 1940 Act.

Each Fund may also enter into dollar rolls, in which the Fund would sell securities for delivery in the current month and simultaneously contract to purchase substantially similar securities on a specified future date. While a Fund would forego principal and interest paid on the securities during the roll period, the Fund would be compensated by the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. A Fund also could be compensated through the receipt of fee income equivalent to a lower forward price. Dollar rolls are subject to the conditions set forth in the SEC's derivatives rule, Rule 18f-4, with respect to when-issued and delayed securities, as described above.

To the extent the value of the security that a Fund agrees to purchase pursuant to a reverse repurchase agreement or a dollar roll declines, the Fund may experience a loss. Reverse repurchase transactions and dollar rolls may increase fluctuations in the market value of a Fund's assets and may be viewed as a form of leverage. In determining whether to enter into a reverse repurchase agreement or dollar roll, a Fund will take into account the creditworthiness of the counterparty.

**Short Sales**

Each Fund may engage in short sales of securities under certain circumstances. Selling securities "short against the box" involves selling a security that a Fund owns (or has an unconditional right to purchase) for delivery at a specified date in the future to hedge protectively against anticipated declines in the market price of its portfolio's securities. If the value of the securities sold short increases prior to the scheduled delivery date, the Fund loses the opportunity to participate in the gain. A Fund may also engage in short sales of securities of an issuer ("acquirer") that has publicly announced a proposed or a pending transaction in which a portfolio security of the Fund will be converted into securities of the acquirer. A Fund must comply with the SEC's derivatives rule, Rule 18f-4, with respect to short sales, which are considered derivatives transactions under the Rule. In addition, the Funds have adopted a non-fundamental policy that requires a Fund to own or have the right to obtain securities equivalent in kind and amount to any securities sold short.

**Standby Commitments**

To facilitate portfolio liquidity, the Funds may obtain standby commitments from brokers, dealers or banks with respect to debt securities in their portfolios. A standby commitment gives the holder the right to sell the underlying security to the seller at an agreed-upon price, generally equal to the amortized cost of the underlying security plus accrued interest, on certain dates or within a specified period. Standby commitments generally increase the cost of the acquisition of the underlying security, thereby reducing its yield. Standby commitments are subject to the issuer's ability to fulfill its obligation upon demand. Although no definitive creditworthiness criteria are used, Heartland Advisors evaluates those risks by reviewing the creditworthiness of the brokers, dealers and banks from which a Fund obtains standby commitments to evaluate those risks.

**Liquidity Program for Redemptions**

Each Fund may participate in a program with ReFlow Fund, LLC ("ReFlow"), which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on a Fund. Pursuant to the program, ReFlow provides participating mutual funds with a source of cash to meet net shareholder redemptions by being prepared to purchase Fund shares, at such Fund's closing NAV, equal to the amount of the Fund's net redemptions on any given day. ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of the maximum holding period determined by ReFlow (currently 8 days) or at any other time within such holding period at Heartland's discretion. ReFlow will redeem its position either in cash, or in-kind with securities selected by Heartland. When a Fund participates in the ReFlow program, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The current minimum fee rate is 0.14% of the value of a Fund's shares purchased by ReFlow for the period of time that the shares remain outstanding. A Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow will purchase Institutional Class shares of a Fund and shares purchased by ReFlow through this program are not subject to the frequent trading limitation described in "Excessive Account Activity" under "Other Policies" in the Prospectus. Heartland Advisors believes during periods of unusual redemption activity it can utilize this program to help stabilize a Fund's net assets. The Funds are not required to participate in this program. There is no assurance that ReFlow will have sufficient funds available to meet a Fund's liquidity needs on a particular day. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund.

**INVESTMENT RESTRICTIONS**

Each Fund has adopted the following investment restrictions. Unless otherwise expressly provided herein, any restriction that is expressed as a percentage is adhered to at the time of investment or other transaction; a later change in percentage resulting from changes in the value of a Fund's assets will not be considered a violation of the restriction. Calculations based on total assets do not include cash collateral held in connection with portfolio lending activities.

Restrictions that are designated as fundamental policies cannot be changed without the majority approval of shareholders as determined under the 1940 Act. Non-fundamental restrictions may be changed by the Heartland Board of Directors without shareholder approval.

Under the 1940 Act, "majority approval of shareholders" means approval by the lesser of (1) the holders of 67% or more of a Fund's shares represented at a meeting of shareholders at which the holders of at least 50% of a Fund's outstanding shares are present in person or by proxy or (2) more than 50% of the Fund's outstanding shares.

**Fundamental Restrictions Common to the Funds**

As a matter of fundamental policy, which may not be changed without shareholder approval, no Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Concentration (For the Value Plus and Value Funds).</u> Invest more than 25% of total assets in securities of non-governmental issuers whose principal business activities are in the same industry; provided, however, that there shall be no limitation on the purchase of securities issued or guaranteed by national governments,<sup>1</sup> their agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Concentration (For the Mid Cap Value Fund).</u> Invest 25% or more of total assets in securities of non-governmental issuers whose principal business activities are in the same industry; provided, however, that there shall be no limitation on the purchase of securities issued or guaranteed by national governments,<sup>1</sup> their agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Real Estate.</u> Purchase or sell real estate, except the Fund may (i) acquire real estate as a result of ownership of securities or other instruments, (ii) invest in securities or other instruments backed by real estate, and (iii) invest in securities of companies that are engaged in the real estate business and those that invest in real estate, including, but not limited to, real estate investment trusts.

<sup>(1)</sup> For so long as it is the position of the staff of the SEC that foreign governments are industries for purposes of mutual fund policies concerning concentration, they shall not be included within the types of governmental issuers excluded from the Funds' concentration policies. Accordingly, "national governments, their agencies or instrumentalities" as disclosed above shall refer to the U.S. government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Borrowing.</u> Borrow money or property, except the Fund may (i) make investments or engage in other transactions permissible under the 1940 Act which may involve borrowing, provided that the combination of such activities shall not exceed 33⅓% of total assets (including the amount borrowed), less the Fund's liabilities (other than borrowings), and (ii) borrow up to an additional 5% of its total assets (not including the amount borrowed) from a bank for temporary purposes. Any borrowing which comes to exceed these limits shall be reduced in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Loans.</u> Make loans, except the Fund may (i) acquire publicly distributed or privately placed debt securities and purchase debt, (ii) purchase money market instruments and enter into repurchase agreements, and (iii) lend portfolio securities. The Fund may not lend portfolio securities if, as a result thereof, the aggregate of all such loans would exceed 33⅓% of total assets taken at market value at the time of such loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Underwriting.</u> Underwrite the securities of other persons, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act in connection with the purchase and sale of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Senior Securities.</u> Issue senior securities, except to the extent permitted under the 1940 Act.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Commodity Interests.</u> Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except the Fund may purchase or sell futures contracts, options on futures contracts, and other derivative instruments, and it may invest in securities or other instruments backed by physical commodities or in the securities of companies engaged in commodities businesses.

**Other Fundamental Restrictions Common to the Funds**

In addition to the fundamental restrictions set forth above, the Funds have fundamental policies on diversification, pledging of assets, short sales, and affiliate transactions, as described below.

**Diversification.** The diversification of a Fund's holdings is measured at the time the Fund purchases a security. However, if a Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by a Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers. Because the Funds are diversified, each Fund is less subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities.

The Mid Cap Value Fund (a) may not, with respect to 75% of its total assets, invest more than 5% of the fair market value of its assets in securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (b) may not, with respect to 75% of its total assets, purchase more than 10% of the outstanding voting securities of an issuer.

<sup>(2)</sup> With respect to Fundamental Investment Limitation No. 7, options, futures contracts, forward contracts and other obligations that create future payment obligations involve the issuance of "senior securities" for purposes of Section 18 of the 1940 Act. A Fund may engage in derivatives transactions in accordance with Rule 18f-4 under the 1940 Act. In addition, borrowings are considered senior securities under the 1940 Act, except for bank and temporary borrowings.

The Value Plus Fund (a) may not, with respect to 75% of its total assets, invest more than 5% of the fair market value of its assets in securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, and (b) may not invest more than 10% of the fair market value of its total assets in securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. The Value Plus Fund also may not purchase more than 10% of the outstanding voting securities of an issuer.

The Value Fund may not invest more than 5% of the fair market value of its assets in securities of any one issuer, except for U.S. Government agency securities and securities backed by the U.S. Government, its agencies or instrumentalities, which may be purchased without limitation. For the purposes of this limitation, the Fund will regard the entity which has the ultimate responsibility for payment of principal and interest as the issuer. The Value Fund may not purchase more than 10% of the outstanding voting securities of an issuer.

**Pledging of Assets.** The Mid Cap Value Fund may not mortgage, hypothecate, or pledge any of its assets as security for any of its obligations, except as required for otherwise permissible borrowings (including reverse repurchase agreements), short sales, futures, options, and other hedging activities.

Each of the Funds may not pledge more than 15% of their respective net assets to secure their permitted borrowings.

**Short Sales**. The Value Fund may sell securities short when it either: (a) holds a long position in the same security which equals or exceeds the number of shares sold short, or (b) holds a long position in a security with respect to which there has been a public announcement of a proposed transaction that would result in the conversion of the securities so held into an equal or greater number of shares of the securities sold short; provided that the Fund may not effect any such short sale of securities if, as a result thereof, the aggregate value of all of its open short positions would exceed 5% of the Fund's total assets, or if more than 10% of its net assets would be held as collateral for such short positions.

The Mid Cap Value and Value Plus Funds do not have a fundamental restriction governing short sales.

**Non-Fundamental Restrictions Common to the Funds**

Each Fund's investment objective (set forth in their Prospectus) and the following non-fundamental restrictions are subject to change by Heartland's Board of Directors without shareholder approval.

No Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investment Companies.</u> Purchase securities of other open-end or closed-end investment companies, except as permitted by the 1940 Act. Subject to approval by the Heartland Board of Directors, a Fund may invest all (or substantially all) of its assets in the securities of a single open-end investment company (or series thereof) with the same investment objective and substantially the same investment policies and restrictions as the Fund in connection with a "master/feeder" arrangement. The Fund and one or more other mutual funds or other eligible investors with identical investment objectives ("Feeders") would invest all (or a portion) of its assets in the shares of another investment company (the "Master") that had the same investment objective and substantially the same investment policies and restrictions as the Feeders. The Fund would invest in this manner in an effort to achieve economies of scale associated with having the Master make investments in portfolio companies on behalf of the Feeders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Illiquid Securities.</u> Purchase a security if, as a result, more than 15% of net assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Margin Purchases.</u> Purchase securities on margin, except that a Fund may (i) obtain short-term credit necessary for the clearance and settlement of purchases and sales of portfolio securities, and (ii) make margin deposits as required in connection with permissible options, futures, options on futures, short selling, and other arbitrage activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Short Sales.</u> Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, or unless the short sale is otherwise conducted in accordance with current rules of the SEC, and provided that transactions in options, futures, options on futures, or other derivative instruments are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Concentration.</u> For purposes of a Fund's fundamental restriction on concentration, industries shall be determined by reference to the classifications specified in the Fund's annual and semiannual reports. For so long as it is the position of the staff of the SEC that foreign governments are industries for purposes of such restriction, investments in foreign governments shall be so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Futures Contracts.</u> Purchase a futures contract or an option on a futures contract if, with respect to positions in futures and futures options which do not represent bona fide hedging transactions, the aggregate initial margin and premium amounts exceed 5% of its liquidation value, or if the aggregate net notional value of such commodity interests exceed 100% of the liquidation value of the Fund's portfolio, in either case after taking into account unrealized profits and losses on such positions.

**PORTFOLIO TURNOVER**

Portfolio turnover for each Fund is the ratio of the lesser of annual purchases or sales of portfolio securities by the Fund to the average monthly value of portfolio securities owned by the Fund, not including securities maturing in less than 12 months. A 100% portfolio turnover rate would occur, for example, if the lesser of the value of purchases or sales of a Fund's portfolio securities for a particular year were equal to the average monthly value of the portfolio securities owned by the Fund during the year.

For the fiscal years ended December 31, 2025 and 2024, the portfolio turnover rates for the Funds were as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Mid Cap Value Fund | 72% | 62% |
| Value Plus Fund | 67% | 68% |
| Value Fund | 44% | 34% |

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**MANAGEMENT**

**Board of Directors**

Under applicable law, the Board of Directors is responsible for the management of Heartland and provides broad supervision over its affairs. The Board elects the Officers of Heartland and hires the Funds' service providers, including the Funds' investment advisor, Heartland Advisors, Inc., and the distributor of the Funds' shares, ALPS Distributors, Inc. The Board meets regularly to review, among other items, the Funds' investments, performance and expenses. The Board annually reviews and considers approval of the continuation of the investment advisory agreement with Heartland Advisors and each Fund's distribution plan and related distribution agreements. The Board also establishes, monitors, and periodically reviews numerous policies and procedures governing the conduct of Heartland's business.

Shareholders wishing to communicate with the Board or individual directors should send such correspondence to the offices of Heartland Group, Inc., 790 N. Water Street, Suite 1200, Milwaukee, Wisconsin 53202. Shareholder communications will be sent directly to the applicable Board member(s).

**Officers**

The Board delegates the day-to-day management of the Funds to the Officers of Heartland. The Officers manage the Funds' daily affairs under the direction and supervision of the Board, and they prepare reports and make presentations to the Board about the Funds' affairs at meetings of the Board and when requested by the Board from time to time.

**Board Leadership Structure**

As a matter of policy, Heartland requires that 75% of its Board members and the Chair of the Board are considered Independent Directors for the purposes of the 1940 Act. Independent Directors are subject to retirement at the beginning of the year following the year in which they turn age 75, unless the waiver of this requirement is approved by the Board of Directors, upon the recommendation of the Nominating and Governance Committee. The Independent Chair participates in the planning of the agenda for Board meetings and presides over meetings of the Board and meetings of the Independent Directors. The Independent Chair also generally acts as a liaison between Fund Officers and other Directors of Heartland between Board meetings. The Chair may also perform such other functions as may be requested by the Board. The Board reviews its leadership structure regularly and believes it is appropriate and effective in light of the size of Heartland, the nature of its business, and industry practices.

The Board has delegated oversight of the Funds' risk management to the Audit Committee of the Board. Therefore, the Board's primary role in the risk oversight of the Funds consists of supervising the work of the Audit Committee, which the Board accomplishes by reviewing reports and observing presentations on risk oversight matters provided by the Audit Committee and providing advice to the Audit Committee when necessary. For more information on the Audit Committee's oversight of risk, see the Section of this SAI titled "Committees of the Board – Audit Committee" below.

**Directors and Officers of the Funds**

The following table presents information about each Director and Officer of Heartland:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <u><br> Date of Birth</u>** | **Position(s)<br> Held with <br> <u>Heartland</u>** | **Term of<br> Office <br> and <br> Length of<br> Time<br> <u>Served</u><sup>(1)</sup>** | **Principal Occupation(s)**<br> **<u>During Past Five Years</u>** | **Number<br> of <br> Heartland<br> Funds<br> Overseen<br> by<br> <u>Director</u>** | **Other<br> Directorships<br> Held by<br> <u>Director</u>**<sup>(2)</sup> |
| **Independent Directors:** |  |  |  |  |  |
| Ward D. Armstrong<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 01/54 | Chair of the Nominating and Governance Committee<br>Director | Since 11/15<br>Since 2/08 | Retired; Managing Partner, NorthRock Partners, LLC, October 2013 to July 2015; Managing Director, NorthRock Partners, a Private Wealth Advisory Practice of Ameriprise Financial, February 2010 to October 2013; Senior Vice President, Ameriprise Financial, Inc., November 1984 to May 2007; President, American Express Asset Management, 2002 to 2004; Chairman, Ameriprise Trust Company, November 1996 to May 2007. | 3 | Trustee, ALPS Series Trust, May 2016 to present (8 registered funds). |
| Dianna Gonzales-Burdin<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 08/61 | Director | Since 4/22 | Retired; Managing Director and Partner of Strategic Investment Group (a registered investment advisor), December 1991 to March 2021; employed by Barclays Global Investors (f/k/a Wells Fargo Nikko Investment Advisors), in the portfolio implementation and transaction management groups prior to 1991. | 3 | Director, Optimum Funds, August 2022 to present (6 mutual funds). |
| Dale J. Kent<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 11/52 | Chair of the Audit Committee<br>Director | Since 2/06<br>Since 8/03 | Vice President-Capital Markets (part-time), Continental Properties Company, since February 2018; Director (part-time), R&R Insurance, September 2017 to December 2019; Director (part-time), Continental Properties Company, September 2017 to February 2018; Executive Vice President and Chief Financial Officer, West Bend Mutual Insurance Company, July 2002 to July 2017; Partner, Arthur Andersen LLP, 1986 to 2002; employed by Arthur Andersen LLP, in other capacities, 1974 to 1985. | 3 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <u><br> Date of Birth</u>** | **Position(s)<br> Held with <br> <u>Heartland</u>** | **Term of<br> Office <br> and <br> Length of<br> Time<br> <u>Served</u><sup>(1)</sup>** | **Principal Occupation(s)**<br> **<u>During Past Five Years</u>** | **Number<br> of <br> Heartland<br> Funds<br> Overseen<br> by<br> <u>Director</u>** | **Other<br> Directorships<br> Held by<br> <u>Director</u>**<sup>(2)</sup> |
| Dina A. Tantra<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 10/69 | Chair of the Board<br>Director | Since 1/24<br>Since 4/22 | Private Investor; Co-Chief Executive Officer, Global Rhino, LLC (consulting firm), October 2018 to November 2025; Chief Strategy Officer, CCO Technology, LLC (d/b/a Joot) (consulting and technology firm), February 2019 to January 2023; Executive Vice President, Ultimus Fund Solutions (fund administrator and distributor), August 2017 to September 2018; Managing Director, Foreside Financial Services, LLC (fund administrator and distributor), July 2016 to August 2017; Director and General Counsel, Beacon Hill Fund Services (fund administrator and distributor), February 2008 to July 2016. | 3 | Trustee, Boston Trust Walden Funds, August 2021 to present (10 mutual funds); Trustee, Thornburg Income Builder Opportunities Trust, October 2020 to present (1 closed-end fund); Director, Advisers Investment Trust, 2012 to 2017 (16 funds).<br>|
| **Interested Director and Officers:** |  |  |  |  |  |
| William ("Will") R. Nasgovitz<sup>(3)</sup> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 04/78 | President and Director<br>Chief Executive Officer | Since 1/20<br>Since 5/12 | Chief Executive Officer and Portfolio Manager, Heartland Advisors, since January 2013; Director, Heartland Advisors, since November 2010; Senior Vice President and Portfolio Manager, Heartland Advisors, 2012 to 2013; Vice President and Portfolio Manager, Heartland Advisors, 2006 to 2011; Research Analyst, Heartland Advisors, 2004 to 2006; Research Associate, Heartland Advisors, 2003 to 2004; Senior Research Associate, Cambridge Associates, LLC, 2000 to 2002. | 3 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <u><br> Date of Birth</u>** | **Position(s)<br> Held with <br> <u>Heartland</u>** | **Term of<br> Office <br> and <br> Length of<br> Time<br> <u>Served</u><sup>(1)</sup>** | **Principal Occupation(s)**<br> **<u>During Past Five Years</u>** | **Number<br> of <br> Heartland<br> Funds<br> Overseen<br> by<br> <u>Director</u>** | **Other<br> Directorships<br> Held by<br> <u>Director</u>**<sup>(2)</sup> |
| Nicole J. Best<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 9/73 | Vice President, Treasurer and Principal Accounting Officer | Since 6/11 | Chief Administrative Officer, Heartland Advisors, since June 2015; Senior Vice President and Chief Financial Officer, Heartland Advisors, since May 2010; Vice President and Secretary, Heartland Group, Inc., May 2010 to June 2011; Senior Vice President, Investor Services and Markets, Brown Brothers Harriman & Co., September 2008 to May 2010; Senior Vice President and Chief Compliance Officer, Heartland Advisors and Heartland Group, Inc., November 2005 to August 2008; Senior Vice President and Treasurer, Heartland Advisors, February 2001 to August 2006; Treasurer and Principal Accounting Officer, Heartland Group, Inc., June 2000 to November 2005. Employed by Heartland Advisors in other capacities from 1998 to 2008. Employed by Arthur Andersen, LLP, in other capacities, 1995 to 1998. | N/A | N/A |
| Vinita K. Paul<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 8/79 | Vice President<br>Chief Compliance Officer<br>Anti-Money Laundering Officer<br>Secretary | <br> Since 8/08<br>Since 12/16; 8/08-5/16<br>Since 2/14<br>Since 4/17 | Vice President and General Counsel, Heartland Advisors, since August 2009; Vice President and Chief Compliance Officer, Heartland Advisors, August 2008 to May 2016 and since December 2016; Assistant Secretary, Heartland Group, Inc., May 2016 to April 2017; Associate, Quarles & Brady LLP, November 2007 to July 2008; Vice President and Interim General Counsel, The Ziegler Companies, Inc., July 2007 to October 2007; Assistant Secretary, North Track Funds, Inc., December 2006 to October 2007; Assistant Secretary, Ziegler Exchange Traded Trust, December 2006 to October 2007; Vice President and Assistant General Counsel, The Ziegler Companies, Inc., September 2006 to July 2007; Associate, Quarles & Brady LLP, September 2004 to August 2006. | N/A | N/A |
| Leah P. Schmidt<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> Birthdate: 10/83 | Assistant Treasurer | Since 5/26 | Corporate Controller, Heartland Advisors, since January 2024; Assistant Controller, Heartland Advisors, May 2022 to December 2023; Controller and Human Resources Coordinator, Cardinal Components, Inc. (manufacturing company), October 2018 to May 2022. | N/A | N/A |

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(1) Officers of Heartland serve one-year terms, subject to annual reappointment by the Board of Directors.
Directors of Heartland serve a term of indefinite length until their resignation or removal, and stand for re-election by shareholders
only as and when required under the 1940 Act.

(2) Only includes directorships held within the past 5 years in a company with a class of securities registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or subject to the requirements
of Section 15(d) of the Exchange Act, or any company registered as an investment company under the 1940 Act.

(3) Mr. Will Nasgovitz is considered
 to be an "interested person" (as defined in the 1940 Act) of Heartland because
 he is the control person of the Advisor. Mr. Will Nasgovitz is the son of Mr. Bill
 Nasgovitz, Founder and Chairman of the Advisor.

**Committees of the Board**

The standing committees of Heartland's Board of Directors include an Audit Committee and a Nominating and Governance Committee. Both committees consist of all the Independent Directors, namely Ward D. Armstrong, Dianna Gonzales-Burdin, Dale J. Kent and Dina A. Tantra. Mr. Kent serves as Chair of the Audit Committee, and Mr. Armstrong serves as Chair of the Nominating and Governance Committee. The Board has determined that Mr. Kent is an Audit Committee financial expert.

Audit Committee. The Audit Committee is responsible for selecting the independent registered public accounting firm for the Funds and oversees the preparation of each Fund's financial statements. In this capacity, the Audit Committee meets at least annually with the independent registered public accounting firm to discuss any issues surrounding the preparation and audit of the Funds' financial statements. The Audit Committee also discusses with the independent registered public accounting firm the systems and operating procedures employed in connection with the preparation of each Fund's financial statements, and the operation of the Funds' fair value procedures, as well as the performance and cooperation of personnel responsible for these functions.

The Audit Committee is primarily responsible for overseeing and evaluating Heartland's compliance policies and procedures as well as policies with respect to risk assessment and risk management. To aid its oversight and evaluation, the Audit Committee obtains regular periodic reports and other information from Heartland's management and Chief Compliance Officer regarding Heartland's operations. The Audit Committee reviews and discusses the Funds' primary risk exposures and the steps management has taken to monitor and control such risks and, when it deems necessary, communicates its thoughts on how risk assessment and risk management could be improved. While the Board and Audit Committee provide risk oversight, the management of the Funds' risks is carried out on a day-to-day basis by Fund management, Heartland Advisors, and other Fund service providers. Although the risk management policies and procedures of Heartland Advisors and other Fund service providers are reasonably designed to be effective, there can be no guarantee that they will be effective. The Audit Committee has adopted a written charter. The Audit Committee held four meetings during the fiscal year ended December 31, 2025.

Nominating and Governance Committee. The Nominating and Governance Committee nominates candidates for appointment to the Board of Directors to fill vacancies and to nominate candidates for election and re-election to the Board as and when required. The Nominating and Governance Committee generally accepts recommendations for nominations by shareholders of the Funds made within one year prior to the appointment or election of a Director. Nominations from shareholders should be sent to Heartland Group, Inc., Attention: Secretary, 790 N. Water Street, Suite 1200, Milwaukee, WI 53202. The Nominating and Governance Committee will consider properly qualified candidates submitted by shareholders in the same manner it considers other nominees the Committee identifies. The Nominating and Governance Committee is also responsible for general governance matters of the Board, such as identifying and recommending best practices, policies, and procedures. The Nominating and Governance Committee has adopted a written charter. The Nominating and Governance Committee held two meetings during the fiscal year ended December 31, 2025.

A brief summary of each Director's specific experience, qualifications, attributes, and skills that led to the Nominating and Governance Committee to conclude that such person should serve as a Director for the Funds is set forth below.

*Ward D. Armstrong*. Mr. Armstrong served as Managing Partner of NorthRock Partners, LLC, a financial services firm, from October 2013 until July 2015. Mr. Armstrong's prior experience includes serving as Director of NorthRock Partners, a Private Wealth Advisory Practice of Ameriprise Financial, from 2010 to 2013, a Senior Vice President at Ameriprise Financial, Inc. from 1984 to 2007, as President of American Express Asset Management Group from 2002 to 2004, and as Chairman of Ameriprise Trust Company from 1996 to 2007. He has also served as a director on the boards of two other asset management firms, and currently serves as trustee and chairman of another registered investment company. In addition to his many years of experience in the asset management industry generally, he has extensive experience in developing, evaluating and monitoring asset management portfolios, and Heartland believes Mr. Armstrong possesses a strong background and knowledge base in investment oversight, risk assessment, and in selling, marketing, and distributing investment company shares.

*Dianna Gonzales-Burdin.* Ms. Gonzales-Burdin has over 33 years of investment industry experience, including 29 years at Strategic Investment Group, a registered investment advisor which designs and implements customized fiduciary investment solutions for large institutional investors, including endowments, foundations, corporate pensions, healthcare systems, and public plans. Ms. Gonzales-Burdin served as Partner and Managing Director of Strategic Investment Group from December 1991 to March 2021. Ms. Gonzales-Burdin previously worked at Barclays Global Investors (previously known as Wells Fargo Nikko Investment Advisors) within the portfolio implementation and transaction management groups. She has experience leading the development and management of a broad, comprehensive, diverse global public equity investment program, implemented across multiple institutional client accounts. These experiences have given Ms. Gonzales-Burdin an extensive knowledge of the capital markets and their internal structures. Ms. Gonzales-Burdin also serves on the board of directors of one other mutual fund family and on the board of a privately-owned investment management firm. Heartland believes Ms. Gonzales-Burdin brings significant investment industry, investment strategy assessment, portfolio management and business experience to the Board, as well as a strong knowledge of capital markets, operations and risk assessment in the investment industry.

*Dale J. Kent*. Mr. Kent has served as Vice President-Capital Markets (part-time) for Continental Properties Company since February 2018, and previously served as a Director (part-time) for the company from September 2017 - February 2018. Mr. Kent also served as Director (part-time) for R&R Insurance from September 2017 to December 2019. He served as the Executive Vice President and Chief Financial Officer at West Bend Mutual Insurance Company from July 2002 until July 2017, where his duties included managing a portfolio greater than $1 billion. Previously, he was a Partner at Arthur Andersen LLP from 1986 to 2002, during which time he supervised numerous audits of mutual funds and hedge funds and provided audit and related services to asset managers and securities firms. Mr. Kent also serves on the investment committees of various non-profit organizations. Through his many years of experience as an executive and a public accountant, Heartland believes Mr. Kent possesses a strong knowledge of accounting, investment oversight, compliance, and risk assessment in the investment industry.

*William ("Will") R. Nasgovitz*. Mr. Will Nasgovitz is a Director and the Chief Executive Officer of Heartland Advisors and its parent company and the Chief Executive Officer and President of the Heartland Funds. He has served as a Portfolio Manager of the Mid Cap Value Fund since February 2015, and the Value Fund from February 2009 to April 2013, and again since May 2019. He has also served as Portfolio Manager for Heartland Advisors' advisory clients since 2006. He previously served as a Research Analyst from 2004 to 2006 and a Research Associate from November 2003 to 2004. Prior to joining Heartland Advisors, Mr. Will Nasgovitz was a Senior Research Associate with Cambridge Associates from 2000 to 2002. Heartland believes Mr. Nasgovitz brings significant investment industry, portfolio management and business experience to the Board, as well as institutional knowledge about Heartland Advisors and the Funds.

*Dina A. Tantra.* Ms. Tantra has more than 30 years of financial services industry, business, legal and compliance experience. She previously served as Co-Chief Executive Officer of Global Rhino, LLC, a consulting firm, from October 2018 to November 2025. She has also served as Chief Strategy Officer of CCO Technology, LLC, a consulting and technology firm, from February 2019 to January 2023. Prior to such positions, she served as Executive Vice President of Ultimus Fund Solutions, a fund administrator and distributor, from August 2017 to September 2018, Managing Director of Foreside Financial Services, LLC, a fund administrator and distributor, from July 2016 to August 2017, and Director and General Counsel of Beacon Hill Fund Services, a fund administrator and distributor, from February 2008 to July 2016. Ms. Tantra's experience includes leadership and management roles working with investment advisers, broker-dealers and financial products, with particular expertise in mutual fund distribution, servicing and governance. She has held various senior leadership positions in the legal, compliance and governance areas and has experience overseeing a staff of legal, finance and compliance experts. Ms. Tantra also serves on the board of directors of another mutual fund family and a closed-end fund, and is a director and the Chair of the Mutual Fund Directors Forum. Through her professional and board experience and senior leadership roles, Heartland believes Ms. Tantra possesses a strong knowledge of operations, legal and regulatory matters, compliance and risk assessment in the investment industry.

**Director Ownership of Fund Shares**

The table below sets forth the dollar range of shares of the Heartland Funds owned by the Directors of Heartland as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **<u>Name of Director</u>** | **Dollar Range of Equity Securities<br> <u>in Each Fund</u>** | **Aggregate Dollar Range of Equity<br> Securities in All Heartland Funds<br> <u>Overseen by Director</u>** |
| Ward D. Armstrong | Over $100,000 (Mid Cap Value)<br> $10,001-$50,000 (Value Plus)<br> $50,001-$100,000 (Value)<br>| Over $100,000 |
| Dianna Gonzales - Burdin | $10,001-$50,000 (Mid Cap Value)<br> $10,001-$50,000 (Value Plus) | $50001-$100000<br>|

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| | | |
|:---|:---|:---|
| **<u>Name of Director</u>** | **Dollar Range of Equity Securities<br> <u>in Each Fund</u>** | **Aggregate Dollar Range of Equity<br> Securities in All Heartland Funds<br> <u>Overseen by Director</u>** |
| Dale J. Kent | Over $100,000 (Mid Cap Value)<br> Over $100,000 (Value Plus)<br> Over $100,000 (Value)<br>| Over $100,000 |
| William ("Will") R. Nasgovitz | Over $100,000 (Mid Cap Value)<br> Over $100,000 (Value Plus)<br> Over $100,000 (Value)<br>| Over $100,000 |
| Dina A. Tantra | Over $100,000 (Mid Cap Value) | Over $100,000 |

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No Director who is not an "interested person" of Heartland (as that term is defined in the 1940 Act) (each, an "Independent Director"), or his or her immediate family members, owned beneficially or of record, as of December 31, 2025, any securities of Heartland Advisors, the Distributor, or any person directly or indirectly controlling, controlled by, or under common control with Heartland Advisors or the Distributor.

**Director Compensation**

Heartland pays the compensation of the Directors who are not Officers, Directors or employees of Heartland Advisors. The following table provides information relating to compensation paid to the Independent Directors of Heartland for their services during the fiscal year ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Director</u>** | **Aggregate Compensation<br> <u>from Each Heartland Fund</u>** | **Pension or Retirement<br> Benefits Accrued as <br> <u>Part of Fund Expenses</u>** | **Estimated Annual <br> Benefits Upon<br> <u>Retirement</u>** | **Total Compensation <br> from Heartland <br> Fund Complex Paid<br> <u>to Directors</u>** |
| Ward D. Armstrong | $22,900 (Mid Cap Value)<br> $11,775 (Value Plus)<br> $32,825 (Value) |  |  | $67500 |
| Dianna Gonzales - Burdin<br>| $22,395 (Mid Cap Value)<br> $11,517 (Value Plus)<br> $32,088 (Value) |  |  | $66000 |
| Dale J. Kent | $24,770 (Mid Cap Value)<br> $12,738 (Value Plus)<br> $35,492 (Value) |  |  | $73000 |
| Dina A. Tantra | $27,145 (Mid Cap Value)<br> $13,960 (Value Plus)<br> $38,895 (Value)<br>|  |  | $80000 |

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**Material Transactions with Independent Directors**

No Independent Director, or an immediate family member of such Director, has had, during the two most recently completed calendar years, a direct or indirect interest in Heartland Advisors, the Distributor, or any person directly or indirectly controlling, controlled by, or under common control with Heartland Advisors or the Distributor, which exceeds $120,000. In addition, no Independent Director, or any immediate family members of such Director, has had, during the two most recently completed calendar years, a direct or indirect material interest in any transaction or series of similar transactions in which the amount involved exceeds $120,000 and to which one of the parties was Heartland; an Officer of Heartland; an investment company (or an entity that would be an investment company but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act); an officer of an investment company (or an entity that would be an investment company but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act) having Heartland Advisors as its investment adviser or the Distributor as its principal underwriter or having an investment advisor or principal underwriter that directly or indirectly controls, is controlled by, or is under common control with Heartland Advisors or the Distributor; Heartland Advisors or the Distributor; an Officer of Heartland Advisors or the Distributor; or a person directly or indirectly controlling, controlled by or under common control with Heartland Advisors or the Distributor, or an officer of any such "control" person. No Independent Director, or immediate family member, of such a Director, has had, in the two most recently completed calendar years, a direct or indirect relationship, in which the amount involved exceeds $120,000, with any of the persons described above in this paragraph and which include payments for property or services to or from any of those persons; provision of legal services to any person specified above in this paragraph; provision of investment banking services to any person specified above in this paragraph, other than as a participating underwriter in a syndicate; or any consulting or other relationship that is substantially similar in nature and scope to the relationships detailed herein.

**Portfolio Managers**

As described in the Prospectus, the portfolio managers of the Funds are as follows:

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| | |
|:---|:---|
| **Mid Cap Value Fund** | Colin P. McWey<br> William ("Will") R. Nasgovitz<br> Troy W. McGlone |
| **Value Plus Fund** | Andrew J. Fleming<br> Michael J. Warecki<br> Jacob S. Westphal |
| **Value Fund** | William ("Will") R. Nasgovitz<br> William ("Bill") J. Nasgovitz<br> Michael J. Warecki<br> Jacob S. Westphal |

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<u>Portfolio Managers' Compensation Structure</u>

The following is a description of Heartland Advisors' portfolio manager compensation as of December 31, 2025. Each portfolio manager is a full time employee of Heartland Advisors. Heartland Advisors is responsible for paying all compensation, including various employee benefits, to the portfolio managers. Portfolio manager compensation is designed to attract and retain highly qualified investment management professionals and to reward individual and team contributions. On an annual basis, each portfolio manager receives a fixed salary based primarily on the manager's relevant industry experience, which may be increased each calendar year. Each portfolio manager is also eligible to participate in Heartland Advisors' 401(k) plan that is offered to all of Heartland Advisors' full-time employees.

On an annual basis, portfolio managers are eligible, for the investment strategies they participate in, to receive a performance-based incentive, which takes into consideration the one-year, three-year, five-year and ten-year performance of the strategies they manage; however, results must be in the top 50% of the respective Morningstar category noted below. The initial target pool for each investment team is based on a percentage of revenues from the accounts managed. Performance, as measured against the Funds' respective benchmark and Morningstar peer group performance, is used to determine the multiplier applied to the initial target pool, generally from 0 to 2 times. This creates the ranking pool amount.

Each portfolio manager's performance is measured against the peer group and benchmarks as set forth in the following table:

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Peer Group</u>** | **<u>Benchmark</u>** |
| Mid Cap Value Fund | Morningstar US Fund Mid-Cap Value Category (Open-End) | Russell MidCap<sup>®</sup> Value Index |
| Value Plus Fund | Morningstar US Fund Small-Cap Value Category (Open-End) | Russell 2000<sup>®</sup> Value Index |
| Value Fund | Morningstar US Fund Small-Cap Value Category (Open-End) | Russell 2000<sup>®</sup> Value Index |

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Collectively, firm wide investment performance increases or decreases the ranking pool amount, typically from 110% to 95%, respectively. Firm wide performance is measured by the asset weighted average ranking results from each of the investment teams combined. The incentive pool for each team is allocated amongst the respective investment management team members based upon individual contributions.

Each portfolio manager may be eligible for a discretionary incentive, which is based, among other factors, on the research of securities that are held or considered for purchase for the Fund, contribution to the Fund's day-to-day management, leadership, organizational development, and the profitability of the Advisor.

Finally, the portfolio managers may also be eligible to own stock of Heartland Holdings, Inc., Heartland Advisors' parent company.

Portfolio Manager Ownership of Fund Shares. The table below sets forth the dollar range of shares of each Fund owned, directly and indirectly, by each portfolio manager as of December 31, 2025, unless otherwise noted.

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| | | |
|:---|:---|:---|
| **<u>Name of Portfolio Manager</u>** | **Dollar Range of Equity<br> <u>Securities in Each Fund</u>** | **Aggregate Dollar Range of Equity<br> <u>Securities in all Heartland Funds</u>** |
| Andrew J. Fleming | None (Mid Cap Value)<br> $500,001 – $1,000,000 (Value Plus)<br> None (Value) | $500001 – $1000000 |

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| | | |
|:---|:---|:---|
| **<u>Name of Portfolio Manager</u>** | **Dollar Range of Equity<br> <u>Securities in Each Fund</u>** | **Aggregate Dollar Range of Equity<br> <u>Securities in all Heartland Funds</u>** |
| Troy W. McGlone | $500,001 – $1,000,000 (Mid Cap Value)<br> $0 – 10,000 (Value Plus)<br> None (Value)<br>| $500001 – $1000000 |
| Colin P. McWey | Over $1,000,000 (Mid Cap Value)<br> $50,001 – $100,000 (Value Plus)<br> $50,001 – $100,000 (Value)<br>| Over $1,000,000 |
| William ("Bill") J. Nasgovitz | Over $1,000,000 (Mid Cap Value)<br> Over $1,000,000 (Value Plus)<br> Over $1,000,000 (Value)<br>| Over $1,000,000 |
| William ("Will") R. Nasgovitz | Over $1,000,000 (Mid Cap Value)<br> $100,001 – $500,000 (Value Plus)<br> Over $1,000,000 (Value)<br>| Over $1,000,000 |
| Michael J. Warecki | None (Mid Cap Value)<br> $10,001 – $50,000 (Value Plus)<br> $50,001 – $100,000 (Value)<br>| $100001 – $500000 |
| Jacob S. Westphal | $50,001 – $100,000 (Mid Cap Value)<br> $10,001 – $50,000 (Value Plus)<br> $100,001 – $500,000 (Value) | $100001 – $500000 |

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Other Accounts Managed by Portfolio Managers. The following table sets forth the number of other accounts managed by the portfolio managers (excluding the Heartland Funds) within each of the following categories and the total assets (in thousands) in such accounts, as of December 31, 2025, unless otherwise noted. None of the accounts managed by these portfolio managers is charged an advisory fee based on the performance of the account.

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **Registered<br> <u>Investment Companies</u>** | **Other Pooled<br> <u>Investment Vehicles</u>** | **<u>Other Accounts</u>** |
| Andrew J. Fleming |  |  | 6 totaling $20,611,098 |
| Troy W. McGlone |  |  | 65 totaling $160,126,202 |
| Colin P. McWey |  |  | 65 totaling $160,126,202 |
| William ("Bill") J. Nasgovitz |  |  | 18 totaling $97,189,657 |
| William ("Will") R. Nasgovitz |  |  | 27 totaling $107,888,305 |
| Michael J. Warecki |  |  | 23 totaling $116,541,655 |
| Jacob S. Westphal |  |  | 23 totaling $116,541,655 |

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Conflicts of Interest. Some, but not all, of the other accounts managed by the Funds' portfolio managers have investment strategies similar to those employed for the Funds. Possible material conflicts of interest arising from the portfolio managers' management of the investments of the Funds, on the one hand, and the investments of other accounts, on the other hand, include the portfolio managers' allocation of sufficient time, energy and resources to managing the investments of the Funds in light of their responsibilities with respect to numerous other accounts, particularly accounts that have different strategies from those of the Funds; the fact that the fees payable to Heartland Advisors for managing the Funds may be less than the fees payable to Heartland Advisors for managing other accounts, potentially motivating the portfolio managers to spend more time on managing the other accounts; the proper allocation of investment opportunities that are appropriate for the Funds and other accounts; and the proper allocation of aggregated purchase and sale orders for the Funds and other accounts. These conflicts may be heightened when a portfolio manager has a personal investment in an account. Heartland Advisors has adopted comprehensive policies and procedures reasonably designed to mitigate these conflicts of interests.

**Codes of Ethics**

Heartland, Heartland Advisors, and the Distributor each have adopted a personal trading code of ethics under Rule 17j-1 of the 1940 Act, which are designed to prevent advisory personnel and other access persons from engaging in any fraudulent or unlawful personal trading activity, such as insider trading. The codes of ethics permit Officers, Directors, and employees of their respective companies to invest in securities, including securities that may be held by a Fund, subject to certain restrictions imposed by the codes to avoid actual or potential conflicts of interest.

Heartland has also adopted a code of ethics for its principal executive, financial and accounting Officers as required by the Sarbanes-Oxley Act of 2002. This written code sets forth standards that are reasonably designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical handling of conflicts of interest; full, fair, accurate, timely and understandable disclosure in reports and documents Heartland files with the SEC and in other shareholder communications; compliance with applicable governmental laws, rules or registrations; the prompt internal reporting of violations of the code to an appropriate person; and accountability for adherence to the code.

**Proxy Voting Policies**

Proxy voting policies adopted by Heartland are attached to this SAI as <u>Appendix A</u>. These proxy voting policies describe the procedures used by Heartland Advisors (to which Heartland's Board of Directors has delegated responsibility for proxy voting decisions) to determine how to vote proxies with respect to securities held by the Funds. Information regarding how Heartland actually voted proxies relating to portfolio securities held by the Funds during the 12-month period ended June 30 is also available (1) without charge, upon request, by calling 1-800-432-7856, and on Heartland's website at heartlandadvisors.com, and (2) on the SEC's website at www.sec.gov.

**Policy Regarding Disclosure of Portfolio Holdings**

Heartland's Board of Directors has adopted policies and procedures with respect to the disclosure of information regarding portfolio holdings of the Funds (the "Disclosure Policy"). The Board of Directors reviews the Disclosure Policy at least annually and oversees implementation of the Disclosure Policy by the Funds' Chief Compliance Officer.

Heartland and Heartland Advisors recognize that information about the Funds' portfolio holdings is an asset of the Funds and may constitute material, non-public information and that, without appropriate safeguards, selective disclosure of such information may run afoul of the anti-fraud provisions of the federal securities laws. In general, the Disclosure Policy is intended to prohibit the disclosure of the Funds' portfolio holdings information except under limited circumstances as described below. In addition to broad dissemination of a Fund's portfolio holdings (either through required filings with the SEC or website postings), the Disclosure Policy permits selective disclosure of such information in limited circumstances when it is legally required or determined to be in the best interests of shareholders of the Fund and other legitimate business reasons to do so exist and the recipients of such information are subject to a duty of confidentiality, including a duty not to trade on the basis of such information. Disclosure of portfolio holdings information, other than under the circumstances described below, requires the authorization of the Funds' Chief Compliance Officer, subject to approval or ratification by Heartland's Board of Directors. Conflicts of interest between the interests of the Funds' shareholders, on the one hand, and those of Heartland Advisors or any other affiliated person of the Funds, on the other hand, with respect to the disclosures of a Fund's portfolio holdings information are resolved by the Funds' Chief Compliance Officer who may consult with the Independent Directors of the Funds and/or legal counsel, and then report to the Board at its next regularly scheduled meeting.

Disclosure to Service Providers. The Funds may disclose information related to the Funds' portfolio holdings to various service providers in connection with the day-to-day operations and management of the Funds. Such disclosures are essential to the ability of such services providers to carry out their responsibilities to the Funds. Each service provider is contractually and/or ethically prohibited from further disclosing portfolio holdings information to other unaffiliated third parties, unless specifically authorized by the Funds' Chief Compliance Officer, and from trading on the basis of such information. The frequency of disclosure to these service providers may vary, depending on the needs of these service providers for such information to function effectively. Portfolio holdings disclosure to the Funds' investment adviser, custodian, transfer agent, and fund accountant is generally on a daily basis, with no lag. These service providers include entities such as:

● Heartland Advisors, Inc. – the Funds' investment adviser (daily disclosure of portfolio holdings);

● Brown Brothers Harriman & Co. – the custodian of the Funds' securities and other assets (daily disclosure of portfolio holdings);

● ALPS Fund Services, Inc. – the Funds' administrator, transfer agent and fund accountant (daily disclosure of portfolio holdings);

● ALPS Distributors, Inc. – the principal underwriter and distributor of shares of the Funds (disclosure of portfolio holdings generally on a quarterly basis and otherwise from time to time as needed);

● Cohen & Company, Ltd. – an independent registered public accounting firm (portfolio holdings are disclosed on a semi-annual basis in connection with the preparation of annual and semiannual reports to shareholders, and otherwise from time to time as needed for audit and audit-related services). Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested and receives portfolio holdings from time to time as needed;

● Godfrey & Kahn, S.C. – legal counsel to the Funds (portfolio holdings are disclosed to this firm on a monthly or quarterly basis in connection with the preparation of regulatory filings and otherwise from time to time as needed);

● Foley & Lardner LLP – legal counsel to the Funds' Independent Directors (portfolio holdings are disclosed to this firm on a quarterly basis in connection with the preparation of Board materials and otherwise from time to time as needed);

● Glass Lewis & Co. – a proxy voting service used by the Funds (portfolio holdings are disclosed to this service provider as frequently as needed to enable it to vote proxies with respect of such holdings);

● Financial Recovery Technologies, LLC – a class action service used by the Funds (portfolio holdings are disclosed to this service provider as frequently as needed to enable it to participate in class actions on behalf of the Funds);

● FactSet Research Systems, Inc. – systems vendor (portfolio holdings are disclosed daily to this firm, without any lag, so that it can provide reports, information and research on such holdings for the benefit of Heartland Advisors);

● Back Bay Communications – a PR, marketing and branding firm focused on the financial services industry; and

● Print/mail houses and regulatory filers – parties that facilitate the printing and delivery of Funds regulatory filings, prospectuses and shareholder communications (portfolio holdings are disclosed to them to the extent reflected in documents they are asked to print, mail or file about a week or so before they are delivered to shareholders).

Public and Regulatory Disclosures. The Funds will file a complete schedule of portfolio holdings with the SEC for the second and fourth quarters of the Funds' fiscal year as part of the Funds' annual and semiannual shareholder reports on Form N-CSR. Heartland will post the Funds' portfolio holdings included in Form N-CSR on its website, heartlandadvisors.com, within 60 days after the end of that fiscal quarter. The Funds also file a complete schedule of portfolio holdings with the SEC for the first and third quarters of the Funds' fiscal year on Part F of Form N-PORT. Heartland will post the Funds' portfolio holdings included in Part F of Form N-PORT on the Funds' website, and they will become publicly available on the SEC's website within 60 days after the end of that fiscal quarter. Public regulatory filings will also be available on the SEC's website at www.sec.gov. Portfolio holdings information for each Fund is filed quarterly in Form N-PORT, approximately 60 days after the end of each fiscal quarter. In addition, the Funds will publicly disclose on their website holdings information approximately 10 business days after month end. Moreover, the Funds' portfolio holdings will be disclosed (1) in response to requests or inquiries from governmental and regulatory agencies, (2) in applicable regulatory filings, such as Schedule 13G and Form 13F reports (including filings made by Heartland Advisors with respect to the Funds' holdings), (3) in compliance with a valid subpoena or court order, and (4) in connection with class action and other litigation involving a particular holding to which a Fund may be a party.

Disclosure to Broker-Dealers. The Trading and/or Research Departments of Heartland Advisors may periodically furnish lists of portfolio holdings to various broker-dealers to facilitate efficient trading in portfolio securities for the Funds and to receive relevant research. These lists will not identify individual or aggregate positions, or identify particular clients, including the Funds. In connection with fulfilling their duties to the Funds, personnel of Heartland Advisors determine the frequency of disclosure to broker-dealers for trading and research. Such disclosure varies and may be as frequent as daily, and with no delay. These broker-dealers are prohibited from trading personally on the basis of such information.

Disclosure to Shareholders and Intermediaries. The Funds may provide selected portfolio holdings information to shareholders, upon request to Heartland or in a shareholder report or other publication, so long as such information, at the time it is provided, is posted on Heartland's website or otherwise publicly available and approved in advance by the Chief Compliance Officer.

Disclosure in Marketing and Media Publications. The Funds may provide selected portfolio holdings in marketing and media publications, so long as the resulting materials and/or information is posted on Heartland's website or otherwise publicly available and approved in advance by the Chief Compliance Officer.

Disclosure of Individual Holdings. Portfolio managers, research analysts and other spokespersons of Heartland Advisors may disclose or confirm, on a periodic basis, the ownership of any individual portfolio holding in materials prepared for Fund shareholders (e.g., manager commentary), media interviews, due diligence meetings with clients or prospective clients, consultants, and ranking and rating organizations. In making any such disclosure, personnel of Heartland Advisors are subject to the Heartland Funds' Business Conduct Rules and Code of Ethics, which include a duty to act in the best interests of clients, including the Funds, and to protect material non-public information of the Funds. In addition, the Funds' complete portfolio holdings may be disclosed on a periodic basis to the following recipients as part of ongoing arrangements that serve legitimate business purposes and are in the best interests of the Funds and their shareholders: Lipper, Inc.; Morningstar, Inc.; and Investment Company Institute (ICI). These organizations generally receive monthly portfolio holdings information within 10 business days following month-end. These organizations have a duty of confidentiality with respect to such portfolio holdings information, including a duty not to trade on the basis of such information. These organizations provide ratings and ranking information and other data regarding the Funds and Heartland Advisors for use by investors and investment consultants.

Disclosure of Aggregate Characteristics. Aggregate portfolio characteristics may be made available without a delay. Examples of aggregate portfolio characteristics include (1) the allocation of a Fund's holdings among various asset classes, sectors, or industries, (2) the attribution of Fund returns by asset class, sector, or industry, and (3) the volatility characteristics of a Fund. Such disclosure has been determined not to constitute material, non-public information, and therefore it has been determined that such disclosure is not harmful to the shareholders of the Funds.

The Disclosure Policy may not be waived, or exceptions made to disclose portfolio holdings information other than under the circumstances set forth above, without the consent of the Funds' Chief Compliance Officer. In determining whether to grant a waiver or make an exception, the Chief Compliance Officer will consider any potential conflicts of interest, taking into consideration all relevant facts and circumstances, including, but not limited to, the frequency and extent of the disclosure and the intended use of the information disclosed. Before granting such a waiver or exception, the Chief Compliance Officer must determine that disclosure of portfolio holdings information serves a legitimate business purpose, is in the best interests of the particular Fund and its shareholders, and that the recipient is subject to a duty of confidentiality, including an obligation not to trade on such information. All waivers or exceptions outside of the approved disclosures set forth above will be disclosed to the Board of Directors of Heartland for its approval or ratification at its next regularly scheduled quarterly meeting.

In addition, Heartland Advisors has adopted policies and procedures to limit communications with the public about its clients' portfolio holdings, including the Funds. These policies and procedures, which apply to all personnel of Heartland Advisors, (1) require coordination of media inquiries; (2) prohibit discussions of non-public information, including the unauthorized disclosure of portfolio holdings in any private account and the disclosure of securities on a restricted list or acquired in private placements and other private transactions or that represent significant positions in a particular issuer; and (3) prohibit public statements that are inconsistent with Heartland Advisors' investment outlook, that constitute investment recommendations, or that may have the effect of "conditioning the market," such as positive statements about a security intended to be sold or negative comments about a security intended to be purchased.

Neither Heartland nor Heartland Advisors (including any affiliates thereof) may receive compensation or other consideration in connection with the disclosure of any Fund's portfolio holdings information.

**Cybersecurity**

Cybersecurity concerns affect all companies, including those in the mutual fund industry. Cyber incidents can result from deliberate attacks or unintentional events, and may include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, or otherwise disrupt operations, business processes, or website access or functionality.

The growing use of artificial intelligence ("AI") and machine learning is changing the cyber risk landscape in several ways. On the one hand, these tools can be used to help monitor systems, detect anomalies, and respond more quickly to potential threats. On the other hand, AI and machine learning may also be used by attackers to identify vulnerabilities more efficiently, generate more convincing phishing or social-engineering attacks, automate malicious activity at greater scale, or defeat certain traditional controls. Vulnerabilities may also be introduced through the use of AI-enabled tools (for example, through data handling practices, model errors, or third-party software supply chains).

Security breaches or other cyber incidents affecting the Funds or their service providers, including incidents involving AI-enabled tools, have the ability to cause disruptions and impact Fund operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact in Fund shares, violations of applicable privacy or other laws, regulatory fines, penalties, reputational damage, and costs associated with remedying the situation. Security breaches affecting issuers of securities in which a Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchanges and other market operators, banks, financial intermediaries (including brokers and dealers), and other parties may also cause similar adverse consequences to the Funds and their service providers.

While the Funds' service providers have established business continuity plans and risk management systems to help prevent and minimize the effects of security breaches, there are inherent limitations in such plans and systems due to the rapidly changing cyber landscape. In addition, there may be substantial costs in implementing such plans and systems. While due diligence is generally performed on Fund service providers, the Funds cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Funds or their shareholders. As a result, the Funds and their shareholders could be negatively impacted. Cybersecurity risks are enhanced during periods of business disruption, particularly during periods of long business disruptions that require an increase in telecommuting, such as disruptions caused by disease outbreaks, or by other widespread public health emergencies or other natural or man-made disasters.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of April 1, 2026, no person was known to management to own, beneficially or of record, 5% or more of the outstanding shares of a Class of any of the Funds except as follows:

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| | | | |
|:---|:---|:---|:---|
| **<u>Record or Beneficial Holder and <br> Address</u>** | **<u>Fund and Class</u>** | **<u>No. of Shares</u>** | **<u>(% of Class)</u>** |
| Charles Schwab & Co., Inc.<br> ATTN: Mutual Funds SF215FMT-05<br> 211 Main Street<br> San Francisco, CA 94105<br> (record holder)<br>| Mid Cap Value Fund<br> Institutional<br> Investor<br>Value Fund<br> Institutional<br> Investor<br>Value Plus Fund<br> Investor | <br> 4,783,841.366<br> 1,335,174.020<br>640,196.356<br> 1,782,233.826<br>632,228.415 | <br> 23.39%<br> 10.33%<br>15.25%<br> 13.17%<br>14.89% |
| LPL Financial Corporation<br> ATTN: Client Compensation Department<br> 4707 Executive Drive<br> San Diego, CA 92121<br> (record holder) | Value Fund<br> Institutional | <br> 713191.747 | <br> 16.99% |
| Pershing LLC<br> 1250 S Capital of Texas Hwy<br> Building 1 Suite 410<br> West Lake Hills, TX 78746<br> (record holder) | Value Plus Fund<br> Institutional | <br> 1913556.964 | <br> 53.78% |
| Ameriprise Advisor Services<br> 753 Ameriprise Financial Ctr.<br> Minneapolis, MN 55474<br> (record holder) | Value Fund<br> Institutional | <br> 298286.628 | <br> 7.11% |
| National Financial Services, LLC<br> PO Box 770002<br> Cincinnati, OH 45277<br> (record holder)<br>| Mid Cap Value Fund<br> Institutional<br> Investor<br>Value Fund<br> Institutional<br> Investor<br>Value Plus Fund<br> Institutional<br> Investor | <br> 3,995,037.997<br> 2,139,064.146<br>412,291.848<br> 1,542,815.687<br>785,223.936<br> 1,408,689.464 | <br> 19.53%<br> 16.55%<br>9.82%<br> 11.40%<br>22.07%<br> 33.17% |
| MG Trust Company, LLC<br> 717 17<sup>th</sup> Street, Suite 1300<br> Denver, CO 80202<br> (record holder) | Mid Cap Value Fund<br> Institutional | <br> 7324399.432 | <br> 35.81% |

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| | | | |
|:---|:---|:---|:---|
| **<u>Record or Beneficial Holder and <br> Address</u>** | **<u>Fund and Class</u>** | **<u>No. of Shares</u>** | **<u>(% of Class)</u>** |
| Reliance Trust Co<br> 201 17<sup>th</sup> Street NW, Suite 1000<br> Atlanta, GA 30363<br> (record holder) | Value Fund<br> Institutional | <br> 323151.006 | <br> 7.70% |
| Fidelity Investments Institutional<br> 82 Devonshire Street<br> Boston, MA 02109<br> (record holder) | Value Plus Fund<br> Institutional | <br> 193932.609 | <br> 5.45% |
| William J. ("Bill") Nasgovitz<br> Heartland Advisors, Inc.<br> 790 North Water Street, Suite 1200<br> Milwaukee, WI 53202<br> (beneficial holder) | Value Fund<br> Institutional | <br> 547343.710 | <br> 13.04% |

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As of April 1, 2026, all Directors and Officers of Heartland, combined, owned approximately 1.13% of the Mid Cap Value Fund's Institutional Class Shares. As of April 1, 2026, the Directors and Officers, combined, owned less than 1% of the Investor Class Shares of each Fund and owned less than 1% of the Institutional Class Shares of the Value Plus Fund and Value Fund.

A control person is one who owns, beneficially or through controlled companies, more than 25% of the voting securities of a Fund or who acknowledges the existence of control. Shareholders with a controlling interest could determine or significantly influence the outcome of any matter affecting and voted on by shareholders of the Fund, but the voting rights of other shareholders are not otherwise affected by the existence of such a shareholder.

**INVESTMENT ADVISORY AND OTHER SERVICES**

Heartland Advisors provides investment management and operational services to the Funds pursuant to an investment advisory agreement (the "Advisory Agreement"). Heartland Advisors, founded in 1983, serves as the investment advisor for all series of Heartland and also provides investment management services for individuals, institutions, other investment advisors and retirement plans. As of December 31, 2025, Heartland Advisors managed approximately $1.9 billion of investment assets. Mr. Will Nasgovitz, a director and the Chief Executive Officer of Heartland Advisors, controls Heartland Advisors by virtue of his beneficial ownership of a control position of the voting stock of Heartland Advisors' parent company, Heartland Holdings, Inc., which owns 100% of the voting stock of Heartland Advisors.

Under the Advisory Agreement, the Mid Cap Value Fund pays Heartland Advisors an annual management fee at the rate of 0.75% of the Fund's average daily net assets; the Value Plus Fund pays Heartland Advisors an annual management fee at the rate of 0.70% of the Fund's average daily net assets; and the Value Fund pays Heartland Advisors an annual management fee at the rate of 0.75% of the Fund's average daily net assets. The fees are paid in monthly installments.

Pursuant to an operating expense limitation agreement between Heartland Advisors and Heartland, Heartland Advisors has agreed to waive its management fees and/or pay expenses of the Mid Cap Value Fund to ensure that the Mid Cap Value Fund's Total Annual Fund Operating Expenses (excluding front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses, or extraordinary expenses) do not exceed 1.10% of the Mid Cap Value Fund's average daily net assets for Investor Class Shares and 0.85% for Institutional Class Shares through at least April 5, 2028, and subject to the annual renewal of the agreement by the Board of Directors, thereafter. This operating expense limitation agreement can be terminated only with the consent of the Board of Directors.

Heartland Advisors has voluntarily agreed to waive certain fees and/or reimburse certain expenses with respect to the Institutional Class Shares of the Value Plus Fund, to the extent necessary to maintain the Institutional Class Share's Total Annual Fund Operating Expenses at a ratio of 0.99% of average daily net assets. Heartland Advisors may modify or discontinue this waiver and/or reimbursement at any time without notice. Waivers and reimbursements have the effect of lowering a Fund's overall expense ratio and increasing the Fund's overall return to investors.

The Advisory Agreement continues in effect from year to year only if such continuation is approved annually by the Board of Directors of the Funds, including at least a majority of the Independent Directors.

The following tables set forth the management fees paid by each Fund to Heartland Advisors for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Advisory Fee** | **Advisory Fees <br> Waived/Fund <br> Expenses <br> Reimbursed** | **Advisory Fee After<br> Waiver/Expense <br> Reimbursement** |
| **Heartland Mid Cap Value Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $3987200 | $558092 | $3429108 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $4770127 | $751399 | $4018728 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $3649852 | $415004 | $3234848 |
| **Heartland Value Plus Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $1963265 | N/A | $1963265 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $2208045 | N/A | $2208045 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $3020483 | N/A | $3020483 |
| **Heartland Value Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2025 | $5946142 | N/A | $5946142 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $5506229 | N/A | $5506229 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $4957419 | N/A | $4957419 |

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Under the Advisory Agreement, Heartland Advisors manages the investments of the Funds and provides operational services. Subject to the supervision and control of the Board of Directors, Heartland Advisors is authorized to formulate and maintain a continuing investment program with respect to the Funds and to determine the selection, amount, and time to buy, sell, or lend securities or other investments for the Funds, including the selection of entities with or through which such purchases, sales, or loans are to be effected. In addition, Heartland Advisors supervises the business and affairs of the Funds and provides such services and facilities as may be required for effective operation of the Funds. Heartland Advisors will permit any of its Officers or employees to serve, without compensation from the Funds, as Directors or Officers of Heartland if elected to such positions. Subject to the Board's approval and shareholder approval (if required under the 1940 Act), Heartland Advisors may delegate its duties under the Advisory Agreement to a subadviser at Heartland Advisors' own expense, and, if so, Heartland Advisors will be responsible for supervising the management of each Fund's investments by the subadviser.

Heartland Advisors at its own expense furnishes office space and all necessary office facilities, equipment and personnel for managing each Fund, and covers the expenses relating to the compensation of Heartland Advisors' officers and directors who are not Independent Directors. Heartland Advisors pays other expenses incurred by it in connection with managing the assets of each Fund and covers expenses relating to its trading personnel and trading systems, as well as any special shareholder or Board meetings called for the primary benefit of Heartland Advisors. Heartland Advisors assumes all expenses of marketing Fund shares to the extent that such expenses exceed amounts paid under any plan of distribution of Fund shares pursuant to Section 12(b) of the 1940 Act, and all expenses charged by financial intermediaries for sub-administration, sub-transfer agency or other shareholder services provided to a Fund to the extent such expenses exceed any limits on amounts that may be paid by a Fund as set by the Board. Heartland Advisors is not required to pay or provide any credit for services provided by Heartland's custodian, transfer agent, or other agents without additional costs to Heartland. Moreover, if Heartland Advisors pays or assumes any expenses of Heartland or a Fund which it is not required to pay or assume under the Advisory Agreement, Heartland Advisors will not be obligated to pay or assume the same or similar expense in the future.

The Funds bear all of the expenses of their operations not specifically assumed by Heartland Advisors, including, but not limited to, all charges of depositories, custodians and other agencies for the safekeeping and servicing of its cash, securities and other property and of its transfer agents and registrars and its dividend disbursing and redemption agents, if any; administrative, clerical, recordkeeping and bookkeeping expenses; all expenses associated with daily price computations, including pricing services used in the valuation of securities; all charges of legal counsel and of independent accountants; all compensation of the Independent Directors and all expenses incurred in connection with their services to the Funds; all costs of borrowing money; all expenses of publication of notices and reports to its shareholders and to governmental bodies or regulatory agencies; all expenses of shareholder and Board meetings, unless such meeting is convened for the primary benefit of the Advisor; all expenses of typesetting of the Funds' prospectuses and of printing and mailing copies of the prospectuses furnished to each then-existing shareholder or beneficial owner; all taxes and fees payable to federal, state or other governmental agencies, domestic or foreign; all stamp or other taxes; all expenses of bond and insurance coverage required by law or deemed advisable by the Board; all expenses of qualifying and maintaining qualification of shares of the Funds under the securities laws of such U.S. and non-U.S. jurisdictions as the Funds may from time to time reasonably designate; all expenses of maintaining the registration of the Funds under the Securities Act, the 1940 Act and any applicable state securities laws; such compensation payable to the Company's Chief Compliance Officer by the Funds as approved by the Independent Directors and the Board; and any expenses incurred in connection with services delegated by the Advisor to third parties, class action services and proxy voting, unless otherwise agreed to by the parties. In addition to the payment of expenses, the Funds also shall pay all brokers' commissions and other charges relating to the purchase and sale of portfolio securities for the Funds. Any expenses borne by the Funds that are attributable solely to the operation or business of any particular Fund shall be paid solely out of such Fund's assets. Any expenses incurred by the Funds that are not solely attributable to a particular Fund or share class are apportioned in such a manner as the Advisor determines is fair and appropriate, or as otherwise specified by the Board.

The Advisory Agreement provides that the Advisor shall not be liable to the Company or the shareholders of a Fund for any loss suffered by a Fund or its shareholders resulting from any act or omission of the Advisor, its directors, officers, employees or agents, except by reason of willful misfeasance, bad faith or gross negligence on the part of the Advisor in the performance of its duties or by reason of reckless disregard by the Advisor of its obligations and duties under the Advisory Agreement.

**Transfer and Dividend Disbursing Agent**

ALPS Fund Services, Inc. ("ALPS"), 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as transfer and dividend disbursing agent for the Funds.

**Administration, Bookkeeping, and Accounting Agent**

ALPS serves as administration, bookkeeping and accounting agent for the Funds. For the fiscal year ended December 31, 2025, the total compensation paid to ALPS for administrative, bookkeeping and accounting services from the Heartland Funds was $598,895. For the fiscal year ended December 31, 2024, the total compensation paid to ALPS for administrative, bookkeeping and accounting services from the Heartland Funds was $575,830. For the fiscal year ended December 31, 2023, the total compensation paid to ALPS for administrative, bookkeeping and accounting services from the Heartland Funds was $494,933. ALPS Distributors, Inc., an affiliate of ALPS, serves as principal underwriter and distributor of the shares of the Funds.

**Custodian**

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, Massachusetts 02110, serves as custodian for the Funds. The Custodian is responsible for, among other things, holding all securities and cash, handling the receipt and delivery of securities, and receiving and collecting income from investments. Subcustodians may provide custodial services for certain assets of the Funds held domestically and outside the U.S.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, the Funds' independent registered public accounting firm, audits the annual financial statements of the Funds and reports thereon and reviews certain regulatory reports. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services when engaged by Heartland to do so.

**Other** **Service Providers**

From time to time, the Advisor may delegate certain services it provides on behalf of the Funds to third parties, subject to Board review and/or approval. In accordance with the terms of the Advisory Agreement, the Advisor may delegate class action services to third parties. The Funds have retained a third party to provide class action litigation monitoring and securities claim filing administration services involving securities held or previously held by the Fund (a "Class Action Service"). The Advisor has appointed a Class Action Service as each Fund's agent to prepare and file proofs of claim, accept and process settlement payments and otherwise participate in class actions involving securities held or previously held in such Fund. The Funds will be responsible for expenses associated with the provision of such services, unless otherwise agreed to by the parties.

**DISTRIBUTION OF SHARES**

ALPS Distributors, Inc. (the "Distributor"), 1290 Broadway, Suite 1000, Denver, Colorado 80203, acts as principal underwriter and distributor of the shares of the Funds.

Under the Distribution Agreement approved by the Board of Directors of Heartland (including a majority of the Independent Directors), the Distributor may solicit orders for the sales of shares of the Funds and has agreed to undertake such advertising and promotion as it believes is reasonable in connection with such solicitation. The Distributor offers shares on a continuous, best efforts basis, but is not obligated to sell any certain number of shares of the Funds. The Distributor engages in activities which it in good faith deems reasonable, which are primarily intended to result in the sale of shares of the Funds, including without limitation advertising, compensation of securities dealers, sales personnel and others for distribution and related services, the printing and mailing of prospectuses to persons other than current shareholders, and the printing and mailing of sales literature.

The Distribution Agreement will continue for each Fund automatically for successive one-year terms, provided that such continuance is approved at least annually (i) by the vote of the Independent Directors, cast in person at a meeting for the purpose of voting on such approval and (ii) by the vote of either a majority of Heartland's Board or a majority of the outstanding voting securities of the Fund. Notwithstanding the above, the Distribution Agreement may be terminated without penalty on not less than 60 days' prior written notice by either party and will automatically terminate in the event of its assignment.

The Distributor charges a fee for distribution services to the Funds, a portion of which is paid by the Funds under the Rule 12b-1 Plan (defined below) for the services described below, and the remainder is paid by the Advisor. During each of the fiscal years ended December 31, 2025, 2024 and 2023, the Distributor did not receive any net underwriting discounts or commissions on the sale of Fund shares, any compensation on the redemptions or repurchases of Fund shares, or any brokerage commissions from the Funds. The Distributor retained a portion of the Rule 12b-1 fees, as described below.

**Distribution Expenses**

Rule 12b-1 Plan. Each Fund, on behalf of the Investor Class shares, has adopted a distribution plan (the "Rule 12b-1 Plan") which, among other things, requires the Investor Class Shares of each Fund to pay the Distributor a monthly amount of up to 0.25% of its average daily net assets computed on an annual basis. Any amount of such payment not paid by the Distributor during a Fund's fiscal year for distributing and servicing the Fund's shares shall be reimbursed by the Distributor to the Fund as soon as practicable after the end of the fiscal year.

The Plan reimburses the Distributor for distributing and servicing each Fund's Investor Class Shares. Covered distribution expenses include, but are not limited to, the printing of prospectuses and reports used for sales purposes, advertisements, expenses of preparation and printing of sales literature, expenses associated with electronic marketing and sales media and communications, and other sales or promotional expenses, including compensation paid to any securities dealer (including the Distributor), financial intermediary, or other person (including Heartland Advisors) who renders assistance in distributing or promoting the sale of Fund shares, provides shareholder services to the Funds or has incurred any of the aforementioned expenses on behalf of a Fund pursuant to either a Dealer Agreement or other authorized arrangement. Covered servicing expenses include, but are not limited to, costs associated with relationship management, retirement plan enrollment meetings, investment and educational meetings, conferences and seminars, and the cost of collateral materials for such events. Each Fund is obligated to pay fees under the Rule 12b-1 Plan only to the extent of expenses actually incurred by the Distributor for the current year, and thus there will be no carry-over expenses from previous years. No fee paid by a Fund under the Rule 12b-1 Plan may be used to reimburse the Distributor for expenses incurred in connection with another Heartland Fund.

Each Fund's Rule 12b-1 Plan also authorizes the Investor Class Shares to pay covered distribution and servicing expenses directly rather than through the Distributor, subject to the requirement that the aggregate amounts paid directly and to the Distributor do not exceed 0.25% per annum of the average daily net assets of the Investor Class Shares in each Fund. A Fund's direct payment of covered distribution and servicing expenses is made with the Distributor's knowledge and primarily for administrative convenience. If the Investor Class Shares of a Fund do not generate enough 12b-1 Fees to cover the Distributor's expenses related to the Investor Class Shares of that Fund, Heartland Advisors will pay directly the remaining distribution fees to the Distributor.

Under the Rule 12b-1 Plan, the Distributor provides the Directors for their review promptly after the end of each quarter a written report on disbursements under the Rule 12b-1 Plan and the purposes for which such payments were made, plus a summary of the expenses incurred by the Distributor under the Rule 12b-1 Plan. In approving and continuing the Rule 12b-1 Plan in accordance with the requirements of Rule 12b-1, the Board of Directors considered various factors, including the amount of the distribution fee. The Board of Directors, including a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Rule 12b-1 Plan, believes that the Rule 12b-1 Plan will, in all reasonable likelihood, continue to benefit the Investor Class Shares of each Fund and their shareholders. In particular, the Board of Directors determined that it believes that the Rule 12b-1 Plan is reasonably likely to result in the retention of existing Fund assets or in the sale of additional shares of each Fund, which could result in additional economies of scale. The Board noted that the Rule 12b-1 Plan is particularly likely to achieve this result among each Fund's longer-term investors, thereby facilitating a stable asset base for each Fund.

The Rule 12b-1 Plan continues in effect from year to year only so long as such continuance is specifically approved at least annually by the vote of the Board of Directors, including a majority of the Independent Directors, cast in person at a meeting called for such purpose.

The Rule 12b-1 Plan may be terminated with respect to each Fund, without penalty, by vote of a majority of the Independent Directors, or by vote of a majority of the outstanding voting securities of the Fund. Any change in the Rule 12b-1 Plan that would materially increase the distribution cost to the Fund requires shareholder approval; otherwise, it may be amended by the Board of Directors, including a majority of the Independent Directors, by vote cast in person at a meeting called for the purpose of voting upon such amendment. So long as the Rule 12b-1 Plan is in effect, the selection or nomination of the Independent Directors is committed to the discretion of such Directors.

Heartland Advisors, in its capacity as the Funds' investment adviser, and the Distributor, in its capacity as principal distributor of the Funds' shares, have financial interests in the Rule 12b-1 Plan through their receipt of reimbursed expenses and compensation under the Rule 12b-1 Plan, respectively. The Officers and interested Director of Heartland Funds, in their capacity as shareholders of Heartland Advisors or its affiliates, may be deemed to have an indirect financial interest in the Rule 12b-1 Plan through Heartland Advisors' receipt of reimbursed expenses for eligible expenses to be paid by a Fund or a class of a Fund under the Rule 12b-1 Plan. No other "interested person" of the Funds, as defined in the 1940 Act, and no Independent Director, has or had a direct or indirect financial interest in the Rule 12b-1 Plan or any related agreement.

Fees Payable by Share Class.

*Investor Class Shares*. The maximum amount of fees payable under the Rule 12b-1 Plan during any year with respect to Investor Class Shares of each Fund is twenty-five basis points (0.25%) of the average daily net assets of such Fund which are attributable to its Investor Class Shares. Because the fee is paid out of a Fund's assets on an ongoing basis, fees paid under the Rule 12b-1 Plan will increase the cost of your investment in the Investor Class Shares and may cost you more over time than paying other types of sales charges imposed by some mutual funds.

*Institutional Class Shares*. Institutional Class Shares have no fees payable under the Rule 12b-1 Plan.

Fees Paid by the Funds under Rule 12b-1 Plan. For the fiscal year ended December 31, 2025, the Funds' Investor Class Shares paid the following amounts to the Distributor under the Rule 12b-1 Plan: $440,488 for the Mid Cap Value Fund; $425,049 for the Value Plus Fund; and $1,033,297 for the Value Fund. The Distributor did not retain all of these amounts.

The principal types of activities for which the Funds' Investor Class Shares made payments (net of waivers) under the Rule 12b-1 Plan for the fiscal year ended December 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advertising/<br> Sales <br> Literature** | **Printing/Mailing<br> of Prospectuses<br> (Other than to<br> Current <br> Investors)** | **Underwriter<br> Compensation** | **Broker-<br> Dealer<sup>(1)</sup><br> Compensation** | **Sales <br> Personnel<sup>(2)</sup><br> Compensation** |
| **Investor Class Shares:** |  |  |  |  |  |
| Mid Cap Value Fund | $105676 | $964 |  | $263307 | $21285 |
| Value Plus Fund | 92784 | 548 |  | 326662 | 18135 |
| Value Fund | 138628 | 1613 |  | 732419 | 70187 |

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<sup>(1)</sup> Includes compensation to the Distributor, other broker-dealers, and financial institutions. Compensation to the Distributor under the Rule 12b-1 Plan was: $34,845 from the Mid Cap Value Fund, $29,701 from the Value Plus Fund, and $113,730 from the Value Fund.

<sup>(2)</sup> Includes reimbursements received by Heartland Advisors for eligible expenses paid by the Funds under the Rule 12b-1 Plan.

**PORTFOLIO TRANSACTIONS**

Heartland Advisors is responsible for each Fund's portfolio decisions and the placing of portfolio transactions, subject to the Fund's specific investment restrictions and requirements.

Purchases and sales for all portfolios managed by Heartland Advisors for its clients, including the Funds' portfolios, are allocated on a basis which is deemed to be fair and appropriate based on the characteristics and needs of the portfolios. Heartland Advisors may, when appropriate, aggregate purchases or sales of securities and allocate such trades among two or more portfolios. By so doing, Heartland Advisors reasonably believes that over time it may be able to decrease brokerage and transaction costs to its clients through volume discounts, reduce brokerage commissions through negotiations not available to purchasers or sellers of smaller volumes of securities and/or obtain better pricing than is possible for smaller trades. In general, investment opportunities are allocated randomly or pro rata among clients that have comparable investment objectives, available cash, and positions where sufficient quantities or trading volumes of a security make such allocation practicable. However, because many of the securities owned by Heartland Advisors' clients have a limited trading market, it may not be possible to purchase or sell a sufficient quantity of securities of a particular issuer at a particular time to allocate opportunities among all clients that have comparable investment objectives and positions. Blocks of such securities, when available, may require immediate purchase decisions by Heartland Advisors prior to allocation of the order among clients. In other instances, because of the nature of the markets for securities with lower volume, it may take a significant period of time to accumulate or dispose of a position in such securities at a price deemed acceptable by Heartland Advisors. In such cases, the price of the security may fluctuate over time and it may be desirable to allocate trades to a particular client or group of clients in order to accumulate or dispose of a position of reasonable size in relation to the size of the account with as little disruption of the market as possible.

In order to seek the fair treatment of all clients, while recognizing the inherent need for flexibility, especially in the micro-cap and small-cap markets and the markets for certain fixed income securities, it is Heartland Advisors' policy to allocate investment opportunities, purchases and sales among clients on a basis that considers the characteristics and needs of the clients, including their respective investment objectives, current securities positions, cash available for investment or cash needs, and similar factors based on the portfolio manager's best judgment under the circumstances.

In general, investment opportunities are allocated on a random or pro rata basis, with available cash the major consideration, among clients that have comparable investment objectives and positions where sufficient quantities or trading volumes of a security exist. However, because many of the securities owned by Heartland Advisors' clients have a limited trading market, it may not be possible to purchase or sell a sufficient quantity of securities of a particular issuer at a particular time to allocate among all clients that have comparable investment objectives and positions. In other instances, because of the nature of the markets for securities with lower volume, it may take a significant period of time to accumulate or dispose of a position in such securities at a price deemed acceptable by Heartland Advisors. In such cases, the price of the security may fluctuate over time and it may be desirable to allocate trades to a particular client or group of clients in order to accumulate or dispose of a position of reasonable size in relation to the size of the account with as little disruption of the market as possible. There also may be situations where an investment opportunity, in particular a new idea, is only allocated to those accounts that the portfolio manager reasonably believes have sufficient size and diversification.

Heartland Advisors may, when appropriate, aggregate purchases or sales of securities and allocate such trades among two or more clients. By so doing, Heartland Advisors reasonably believes that over time it may be able to decrease brokerage and transaction costs to its clients through volume discounts, reduce brokerage commissions through negotiations not available to purchasers or sellers of smaller volumes of securities, and/or obtain better pricing than is possible for smaller trades. In general, an aggregated purchase or sale order that is only partially filled will be allocated on either a pro rata or random basis among the clients participating in the order.

Generally, clients participating in aggregated trades will receive the same average execution price on any given aggregated order on a given business day and transaction costs will be shared pro rata based on each client's participation in the transaction unless the client has designated a specific broker and negotiated a separate commission rate with that broker.

From time to time, Heartland Advisors may take advantage of opportunities to invest in initial public offerings of equity securities ("IPOs") as they arise. In general, a Fund may participate in an IPO allocation if the portfolio manager believes that, to the extent permitted by applicable law, and based on factors including the Fund's investment objectives, risk profile, asset composition, and cash levels, the IPO is an appropriate investment. Accordingly, it is unlikely that any particular Fund will participate in every IPO allocation and certain Funds may never participate in IPO allocations. IPOs will generally be allocated on a random basis to all participating Heartland Funds in a manner that Heartland Advisors reasonably believes will lead to a fair and equitable distribution of IPOs over time.

Heartland Advisors may select and establish securities accounts and/or process transactions through one or more securities brokerage firms. It selects brokers and dealers to execute transactions for the purchase or sale of portfolio securities based upon a judgment of the broker-dealers' professional capability to provide the service, and in a manner deemed fair and reasonable to clients. The primary consideration in selecting broker-dealers is prompt and efficient execution of orders in an effective manner at the most favorable price, but a number of other judgmental factors may enter into the decision. These factors may include, for example: knowledge of negotiated commission rates and transaction costs; the nature of the security being purchased or sold; the size of the transaction; historical and anticipated trading volume in the security and security price volatility; broker-dealer operational capabilities and financial conditions; and research. Among the brokers that may be used are electronic communication networks ("ECNs"), which are fully disclosed agency brokers that normally limit their activities to electronic execution of securities transactions. While commission rates are a factor in Heartland Advisors' analysis, they are not the sole determinative factor in selecting broker-dealers.

Heartland Advisors does not consider the efforts of any broker or dealer in marketing or selling shares of the Funds in its selection of brokers or dealers to execute portfolio transactions for the Funds.

As permitted by the Exchange Act, Heartland Advisors engages in the long-standing investment management industry practice of paying higher commissions to broker-dealers who provide brokerage and research services ("research services") than to broker-dealers who do not provide such research services, if such higher commissions are deemed reasonable in relation to the value of research services provided. Heartland Advisors uses these research services in its investment decision-making processes. These types of transactions are commonly referred to as "soft dollar transactions."

Three different types of research services are typically acquired through these transactions: (i) proprietary research services offered by the broker or dealer executing a trade; (ii) other research services offered by third parties through the executing broker or dealer; and (iii) proprietary or third party research services obtained through client commission arrangements (as discussed below). Research services that may be obtained by Heartland Advisors through soft dollar transactions include, but are not limited to: economic, industry or company research reports or investment recommendations; subscriptions to financial publications or research data compilations; compilations of securities prices, earnings, dividends and similar data; certain computerized databases; quotation services; research or analytical computer software and services; certain trade-related services; and services of economic and other consultants concerning markets, industries, securities, economic factors and trends, and portfolio strategy. Heartland Advisors also may receive soft dollars on riskless principal transactions in accordance with applicable regulatory requirements.

Research services so received enable Heartland Advisors to supplement its own research and analysis used in connection with providing advice to its clients as to the value of securities; the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; the furnishing to clients of analyses and reports; and the effecting of securities transactions and performing functions incidental thereto (such as clearance and settlement) on behalf of clients.

Soft dollar transactions are not effected pursuant to any binding agreement or understanding with any broker-dealer regarding a specific dollar amount of commissions to be paid to that broker-dealer. However, Heartland Advisors does in some instances request a particular broker or dealer to provide a specific research service, which may be proprietary to that firm or produced by a third party and made available by that firm. In such instances, the broker-dealer, in agreeing to provide the research service, frequently will indicate to Heartland Advisors a specific or minimum amount of commissions which it expects to receive by reason of its provision of the particular research service. Although Heartland Advisors does not agree to direct a specific or minimum commission amount to a firm in that circumstance, it does maintain an internal procedure to identify those brokers who provide it with research services and the value of such research services, and endeavors to direct sufficient commissions (including commissions on transactions in fixed income securities effected on an agency basis, dealer selling concessions on new issues of securities and certain riskless principal transactions) to ensure the continued receipt of research services it feels are useful in managing client accounts.

In a few instances, Heartland Advisors receives products or services from broker-dealers that are used both for investment research and for administrative, marketing, or other non-research or brokerage purposes. Heartland Advisors has a policy of not allocating brokerage business in return for products or services other than brokerage or research services in accordance with the provisions of Section 28(e) of the Exchange Act. In such instances, it makes a good faith effort to determine the relative proportion of its use of such product or service which is for investment research or brokerage, and that portion of the cost of obtaining such product or service may be paid through brokerage commissions generated by client transactions, while the remaining portion of the costs of obtaining the product or service is paid directly by Heartland Advisors. In making such allocations, Heartland Advisors has a conflict of interest and has established procedures reasonably designed to address such conflicts.

Research or brokerage products or services provided by brokers may be used by Heartland Advisors in servicing any or all of its clients, including the Funds, and such research products or services may not necessarily be used by it in connection with client accounts which paid commissions to the brokers providing such product or service. Heartland Advisors does not attempt to allocate soft dollar benefits to client accounts proportionately to the soft dollar commissions the accounts generate. The Funds currently generate a majority of the soft dollars, and other accounts benefit from the amounts accrued. Additionally, some client accounts do not generate any soft dollars, but receive the benefits from the Funds and other client accounts that do.

Heartland Advisors may obtain proprietary and third party research through client commission arrangements. In a client commission arrangement, Heartland Advisors agrees with a broker effecting trades for Heartland Advisors' client accounts that a portion of the commissions paid by the accounts will be credited to purchase research services either from the executing broker or another broker, as directed from time to time by Heartland Advisors. The client commission arrangements, as well as the research provided in connection with such arrangements, are intended to comply with Section 28(e) of the Exchange Act and the SEC's related interpretative guidance. Participating in client commission arrangements enables Heartland Advisors to consolidate payments for research services through one or more channels using accumulated client commissions. Such arrangements also help to facilitate Heartland Advisors' receipt of research services and ability to provide best execution in the trading process. Heartland Advisors also believes such research services are useful in its investment decision-making process by, among other things, providing access to resources that might not be available to Heartland Advisors absent such arrangements.

Pursuant to Section 17(e) of the 1940 Act and Rule 17e-1 thereunder, the Funds may engage an affiliated person (or an affiliated person of an affiliated person) to act as a broker in connection with purchases or sales of portfolio securities by the Funds, provided that the commission, fee or other remuneration paid to such broker, from any source, does not exceed (a) the usual and customary broker's commission if the transaction is effected on a securities exchange, (b) 2% of the sales price if the transaction is effected in connection with a secondary distribution of such securities or (c) 1% of the purchase or sale price of such securities if the transaction is otherwise effected. A commission, fee, or other remuneration will not be deemed to exceed the "usual and customary" broker's commission if the commission, fee, or other remuneration is reasonable and fair compared to the commission, fee, or other remuneration paid to other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time. This standard does not allow the affiliated broker to receive more than the remuneration which would be expected to be received by an unaffiliated broker in a commensurate arm's-length transaction. Furthermore, Heartland's Board of Directors, including a majority of the Independent Directors, has adopted procedures which are reasonably designed to provide that any commission, fee, or other remuneration paid to an affiliated broker is consistent with the foregoing standard, and determines at least quarterly that all transactions with affiliated brokers were effected in accordance with such procedures.

Pursuant to a plan adopted by Heartland's Board of Directors under, and subject to the provisions of Rule 10f-3 under the 1940 Act, the Funds may purchase securities during the existence of an underwriting or selling syndicate, when a principal underwriter is an affiliate of the Funds. The plan and Rule 10f-3 limit the securities that may be so purchased, the time and manner of purchase, the underwriting discounts and amount of purchase, and require a review by the Board of Directors of any such transactions at least quarterly.

During the last three fiscal years, the aggregate commissions on portfolio transactions paid by the Funds were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Mid Cap Value Fund | $626185 | $573788 | $878670 |
| Value Plus Fund | $433013 | $760321 | $751617 |
| Value Fund | $1391399 | $1031216 | $1320999 |

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\* Any material differences in the amount of brokerage commissions paid are primarily the result of changes in assets under management.

The table below shows information on brokerage commissions paid by the Funds to brokers or dealers who supplied research services to Heartland Advisors during the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| **Fund** | **Amount of Commissions Paid to <br> Brokers or Dealers Who <br> Supplied Research Services to<br> Heartland Advisors** | **Total Dollar Amount Involved <br> in Such Transactions (000s)** |
| Mid Cap Value Fund | $613341 | $870785 |
| Value Plus Fund | $416350 | $369298 |
| Value Fund | $1305283 | $646354 |

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The following table sets forth the value of the securities owned by the Funds that were issued by a "regular broker or dealer" of the Funds (as that term is defined by Rule 10b-1 under the 1940 Act), or the parent company of such regular broker or dealer, as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker-Dealer <br> of the Fund** | **Value of Securities Issued by <br> Regular Broker-Dealer or Its <br> Parent Owned by the Fund** |
| Mid Cap Value Fund | Raymond James Financial, Inc. | $2967382 |
| Value Plus Fund | Stifel Financial Corp. | $10017600 |

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**DESCRIPTION OF SHARES**

Heartland Group, Inc. is a series company, which means the Board of Directors may establish additional series and classes within series, and may increase or decrease the number of shares in each class or series, all without shareholder approval. The Funds are each a separate mutual fund series of Heartland. Currently, three series are authorized and outstanding, and each series currently offers Investor Class and Institutional Class Shares. The authorized common stock of Heartland consists of one billion shares, par value $0.001 per share. Each share has one vote, and when issued and paid for in accordance with the terms of the offering, each share will be fully paid and non-assessable. Shares have no preemptive, cumulative voting, subscription, or conversion rights and are freely transferable. In the interest of economy and convenience, certificates representing shares purchased are not issued. However, such purchases are confirmed to the shareholder and credited to their accounts on the books maintained by the Funds' transfer agent. The shareholder will have the same rights of ownership with respect to shares as if certificates had been issued.

Heartland's Amended and Restated Articles of Incorporation (the "Articles") provide that the assets of each series or class belong to that series or class, subject only to any automatic conversion of one series or class into another and the rights of creditors, and that such assets shall be charged with the debts, liabilities, obligations and expenses incurred or contracted for or otherwise existing with respect to that series or class. The Articles also provide that general liabilities of the Company shall be allocated among the various series or classes in proportion to the net asset value of all series or classes, or as otherwise determined by the Board in accordance with applicable law, and that such allocation shall be conclusive and binding upon the Company and its shareholders. As to any general assets of the Company which are not readily identifiable as belonging to any particular series, the Articles provide that such assets shall be allocated by the Board to and among one or more series or classes in the Board's sole discretion and such allocation shall be conclusive and binding upon the Company and its shareholders. The Articles further provide that debts, liabilities, obligations and expenses incurred or contracted for or otherwise existing with respect to a series or class are enforceable with respect to that series or class only and not against the Company generally or any other series or class of the Company. Each share of a series has identical dividend and other rights with respect to the applicable class of shares and each share of a series has equal liquidation rights.

Shareholders have the right to vote on the election of directors at each meeting of shareholders at which directors are to be elected and on other matters as provided by law or the Articles or Bylaws of Heartland. Heartland's Bylaws do not require that meetings of shareholders be held annually. However, special meetings of shareholders may be called for, among other things, purposes such as electing or removing directors, changing fundamental policies, or approving investment advisory contracts. Heartland's Board may fill vacancies on the Board or appoint new directors; provided, however, that at all times at least two-thirds of the directors have been elected by shareholders. Moreover, pursuant to Heartland's Bylaws, any director may be removed by the affirmative vote of a majority of the outstanding shares of Heartland; and holders of 10% or more of the outstanding shares of Heartland can require that a special meeting of shareholders be called for the purpose of voting upon the question of removal of one or more directors.

Shareholders of each series of a series company, such as Heartland, vote together with each share of each series in the company on matters affecting all series (such as election of directors), with each share entitled to a single vote. On matters affecting only one series (such as a change in that series' fundamental investment restrictions), only the shareholders of that series are entitled to vote. On matters relating to all the series but affecting the series differently (such as a new investment advisory agreement), separate votes by series are required. The same rules govern the separate or joint voting of classes of shares within a series.

**PURCHASES AND SALES**

**Determination of Net Asset Value**

Shares of each Class of each Fund are sold at the next determined NAV per share. The NAV of each Class of shares of a Fund is determined by subtracting such Fund's liabilities (including accrued expenses and distributions payable) attributable to such Class from such Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received) attributable to such Class and dividing the result by the total number of shares outstanding of such Class.

Portfolio securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market as of the close of regular trading hours on the day the securities are being valued, or, the closing price on the Composite Market (as defined below) for the day such security is being valued. If there were no trades of a particular security on such security's principal exchange or market or the Composite Market on the day that such security is being valued, such security shall be valued at the mean between the most recent bid and asked prices on such day, as reported on such security's principal exchange or market as of the close of regular trading hours on the day such security is being valued. Foreign securities are valued on the basis of quotations from the primary market in which they are traded and are translated from local currency into U.S. dollars using exchange rates as of the close of the New York Stock Exchange ("NYSE") or using methods determined by Heartland Advisors under its fair value procedures. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by the Fund's primary pricing service. Securities and other assets for which market quotations are not readily available or deemed unreliable are valued at their fair value by Heartland Advisors, as the Board's valuation designee under Rule 2a-5 under the 1940 Act, using methods determined in good faith in accordance with Heartland Advisors' fair value policies and procedures, subject to Board oversight.

Heartland Advisors may also make a fair value determination for a security for which market quotations are not readily available pursuant to its fair value policies and procedures if Heartland Advisors reasonably determines that a significant event, which materially affects the value of the security, occurred after the time at which the market price for the security is determined, but prior to the time at which a Fund's NAV is calculated.

Fair valuation of a particular security is an inherently subjective process and no single standard exists for determining a security's fair value in good faith. As such, different mutual funds could reasonably arrive at a different fair value price for the same security. In each case where a security is fair valued, consideration is given to the facts and circumstances relevant to the particular situation. This consideration includes Heartland Advisors' review of various factors set forth in its fair value procedures and other factors as warranted. In making a fair value determination, factors that may be considered, among others, include: the type and structure of the security; unusual events or circumstances relating to the security's issuer; general market conditions; prior day's valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; nature and duration of any restriction on disposition; trading activities and prices of similar securities or financial instruments.

**Debt Securities.** Debt securities are valued at fair value as furnished by an independent pricing service that uses various evaluative and matrix-based methodologies and models, as well as market transactions and dealer quotations. In the absence of such a valuation, the fair value will be determined on a case-by-case basis by Heartland Advisors using its fair value procedures or at amortized cost as provided below. Debt securities with maturities of 60 days or less will be fair valued at acquisition cost, plus or minus any amortized discount or premium, unless facts and circumstances indicate a different "fair value," in which case the security will be fair valued on a case-by-case basis as noted above.

**Illiquid and Thinly Traded Securities.** The lack of a liquid secondary market for certain securities may make it more difficult for a Fund to obtain accurate market quotations for purposes of valuing a Fund's portfolio. Judgment may, therefore, play a greater role in valuing these securities. Market quotations are generally available on many lower quality and comparable unrated issues only from a limited number of dealers, and may not necessarily represent firm bids of such dealers or prices for actual sales. During periods of thin trading, the spread between bid and asked prices is likely to increase significantly. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower quality and comparable unrated securities, especially in a thinly traded market.

**Foreign Investments.** In the event that (i) a foreign investment held by a Fund is traded in both a local and foreign form, (ii) each such form may be converted or exchanged for the other and (iii) Heartland Advisors reasonably determines that the rights and privileges of holders of either form are comparable for valuation purposes, then Heartland Advisors may value the Fund's investment based on the form for which current market quotes are most readily available even if such form is not the form of investment held by the Fund. If Heartland Advisors has reason to believe that circumstances exist which could reasonably be expected to have a material impact on the valuation of one form over the other (such as limitations on the ability to convert or exchange between forms, limitations on foreign ownership of securities or currency regulations), Heartland Advisors shall value the particular investment (i) using market quotations for the form held by the Fund, or (ii) using a fair value methodology determined by Heartland Advisors under its fair value procedures.

Foreign securities are valued on a basis of quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using exchange rates as of the close of the NYSE. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to capture events occurring between the time a foreign exchange closes and the close of the NYSE that may affect the value of the Funds' securities traded on those foreign exchanges, unless facts and circumstances indicate a different "fair value," which will be fair valued on a case-by-case basis as noted above. On any business day of a Fund on which the principal exchange on which a foreign security is traded is closed (for example, a local holiday), but trading occurs in the U.S. on either a national exchange or over-the-counter as reported by the exchange or through Nasdaq, respectively, then the last sales price from such source shall be used. If no sales price is available from such source, then the prior day's valuation of the security may be used.

Occasionally, events occur that affect the value of foreign investments between the time at which those items are determined and the close of trading on the NYSE. Such events would not normally be reflected in a calculation of the Funds' NAVs on that day. If events that materially affect the value of the Funds' foreign investments or the foreign currency exchange rates occur during such period, the investments will be valued at their fair value as determined in good faith in accordance with Heartland Advisors' fair value policies and procedures.

**Redemption-in-Kind**

Each Fund intends to pay all redemptions in cash. However, Heartland has filed an election pursuant to Rule 18f-1 under the 1940 Act which provides that a Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or one percent of the net assets of the Fund during any 90-day period for any one shareholder. However, redemptions in excess of such limit may be paid wholly or partly by a distribution in kind of securities or other Fund assets if Heartland Advisors determines that existing conditions make cash payments undesirable. Portfolio securities may be illiquid and may not be saleable at the time they are received. If redemptions were made in kind, the redeeming shareholders may incur transaction costs. Redemptions in kind are treated in the same manner to a redeeming shareholder as redemptions made in cash for federal income tax purposes. The subsequent sale of securities received in kind may result in a taxable gain or loss for federal income tax purposes.

**Frequent Purchases and Redemptions**

An excessive number of purchases and redemptions by a shareholder (short-term trading) may be disadvantageous to a Fund and its shareholders. Frequent purchases and redemptions of Fund shares may present certain risks to Fund shareholders such as dilution in the value of Fund shares held by long-term investors, interference with the efficient management of the Fund's portfolio, increased brokerage, transaction and administrative costs, and adverse tax consequences.

The Funds have adopted policies and procedures with respect to frequent purchases and redemptions of shares of the Funds by shareholders, which are intended to discourage such activity, including the imposition of a 2% fee on redemptions or exchanges of Fund shares made within 10 days of purchase. The Funds also seek to identify and detect frequent trading activity that may be disruptive to the Funds, although if such activity is made through omnibus accounts or other financial intermediaries detection may be difficult. In considering a shareholder's trading activity, a Fund may consider, among other factors, the shareholder's trading history both directly and, if known, through financial intermediaries, in any of the Funds.

Each Fund reserves the right to restrict or prohibit any purchase or exchange, and to terminate investment or exchange privileges, if the Officers of Heartland determine, in their sole discretion, that any trading activity by a shareholder is not in the best interest of the Fund or its other shareholders. Heartland relies on the market timing policies of certain third parties and financial intermediaries, even if those policies are different from Heartland's policy, when Heartland believes that the policies are reasonably designed to prevent excessive trading practices that are detrimental to the Funds. The market timing policies of third parties or financial intermediaries may apply additional short-term trading and/or frequent trading limitations. Although the Funds have taken steps to discourage frequent purchases and redemptions of Fund shares, they cannot guarantee that such trading will not occur.

**ADDITIONAL INCOME TAX CONSIDERATIONS**

Each Fund intends to qualify as a regulated investment company under Section 851 of the Code and, if so qualified, will not be subject to federal income taxes at the Fund level as a regular corporation to the extent its investment company taxable income and net capital gain are timely distributed in sufficient amounts and the Fund satisfies other requirements regarding the source of its income and diversification of its assets. Each Fund also intends to make distributions as required by the Code to avoid the imposition of a 4% federal excise tax.

If a Fund does not qualify as a regulated investment company and is unable to obtain relief from such failure, it would be taxed as a regular corporation. In such case, it would generally be more beneficial for a shareholder to directly own the Fund's underlying investments rather than indirectly owning the underlying investments through the Fund.

Each series of a series company, such as Heartland, is treated as a separate entity for federal income tax purposes, so that the net investment income and the net realized capital gains and losses of one series are not combined with those of another series in the same company.

To the extent a Fund invests in foreign securities, it may be subject to withholding and other taxes imposed by foreign countries. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If a Fund qualifies and makes an election to pass through foreign taxes to its shareholders, investors may be entitled to claim U.S. foreign tax credits or deductions with respect to such taxes, subject to certain provisions and limitations contained in the Code.

Investment company taxable income generally consists of interest, dividends, net gain from foreign currency transactions, and net short-term capital gain, less expenses. Net capital gain is the excess of the net long-term gain from a Fund's sales or exchanges of capital assets over the net short-term loss from such sales or exchanges, taking into account any capital loss carryforward of a Fund. A Fund may elect to defer certain losses for tax purposes. The Mid Cap Value Fund had $2,113,818 in short-term carryforwards and $607,274 in long-term carryforwards. The Value Plus Fund had $14,690,989 in short-term carryforwards.

Under FATCA, a Fund may be required to withhold a generally nonrefundable 30% tax on (i) distributions of investment company taxable income and (ii) distributions of net capital gain and the gross proceeds of an exchange or redemption of Fund shares paid to (A) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its accountholders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement with the United States), and (B) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and the gross proceeds from an exchange or redemption of Fund shares. Although taxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding tax could also affect a Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in a Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

Foreign taxpayers are generally subject to withholding tax at a flat rate of 30% on U.S.-source income that is not effectively connected with the conduct of a trade or business in the U.S. This withholding rate may be lower under the terms of a tax convention.

Except in the case of certain exempt shareholders, if a shareholder does not furnish a Fund with the shareholder's correct Social Security Number or other taxpayer identification number and certain certifications or the Fund receives notification from the IRS requiring backup withholding, a Fund is required by federal law to withhold federal income tax from the shareholder's distributions and redemption proceeds at a rate set under Section 3406 of the Code for U.S. residents. Backup withholding generally does not apply to foreign taxpayers subject to the withholding described in the preceding paragraph, as long as a Fund receives certain documentation.

A sale or redemption of a Fund's shares, whether for cash or in-kind proceeds, may result in recognition of a taxable capital gain or loss. Gain or loss realized upon a sale or redemption of a Fund's shares will generally be treated as a long-term capital gain or loss if the shares have been held for more than one year, and, if held for one year or less, as a short-term capital gain or loss. However, any loss realized upon a sale or redemption of shares held for six months or less will be treated as a long-term capital loss to the extent of any distributions of net capital gain received or deemed to be received with respect to such shares. In determining the holding period of such shares for this purpose, any period during which the shareholder's risk of loss is offset by means of options, short sales, or similar transactions is not counted. Any loss realized upon a sale or redemption of a Fund's shares may be disallowed under certain wash sale rules to the extent shares of the Fund are purchased (through reinvestment of distributions or otherwise) within 30 days before or after the sale or redemption. If a shareholder's loss is disallowed under the wash sale rules, the basis of the new shares will be increased to preserve the loss until a future sale or redemption of the shares.

The tax principles applicable to transactions in certain financial instruments that may be engaged in by a Fund and investments in PFICs are complex and, in some cases, uncertain. Such transactions and investments may cause a Fund to recognize taxable income prior to the receipt of cash, thereby requiring a Fund to liquidate other positions, or to borrow money, so as to make sufficient distributions to shareholders to avoid corporate-level tax. Moreover, some or all of the taxable income recognized may be ordinary income or short-term capital gain, so that the distributions may be taxable to shareholders as ordinary income.

Interest and dividends received by a Fund from foreign sources may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on such Fund's securities. Tax conventions between certain countries and the United States may reduce or eliminate these foreign taxes, however, and many foreign countries do not impose taxes on capital gains realized on investments held by foreign investors. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock and securities of foreign corporations, it will be eligible to, and may, file an election with the IRS that would, in effect, pass through to the shareholders any foreign and U.S. possessions income taxes paid by such Fund. Pursuant to the election, such Fund would treat those taxes as distributions paid to its shareholders and each shareholder would be required to (i) include in gross income, and treat as paid by the shareholder, his or her proportionate share of those taxes paid by the Fund, (ii) treat his or her share of those taxes and of any distribution paid by the Fund that represents income sourced from foreign countries or U.S. possessions as his own income from those sources, and (iii) either deduct the taxes deemed paid by the shareholder in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit against his or her federal income tax. If a Fund makes this election, it will report to its shareholders shortly after each taxable year their respective share of income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Changes in income tax laws, potentially with retroactive effect, could impact the Funds' investments or tax consequences to you of investing in the Funds. Some of these changes could affect the timing, amount, and tax treatment of Fund distributions made to shareholders. This section is not intended to be a full discussion of tax laws and the effect of such laws on you. There may be other federal, state, foreign, or local tax considerations applicable to your investment in a Fund. Please consult your tax advisor before investing.

**Cost Basis**

The Funds are required to report to certain shareholders and the IRS the cost basis of Fund shares acquired on or after January 1, 2012 ("covered shares") when they are subsequently redeemed or exchanged. The cost basis of covered shares will be determined using the Average Cost Method, described below, unless you elect in writing a different permissible method. These requirements do not apply to shares held through a tax-deferred arrangement, such as a 401(k) or an individual retirement account, or to shares held by tax-exempt organizations, financial institutions, banks, corporations (other than S corporations), and certain other entities and governmental bodies. Shares acquired before January 1, 2012 ("non-covered shares") are treated as if held in an account separate from the covered shares for purposes of these reporting requirements. The Funds are not required to determine or report a shareholder's cost basis of non-covered shares and are not responsible for the accuracy or reliability of any information provided for non-covered shares. However, as a courtesy and when available, the Funds will continue to provide you with the cost basis of non-covered shares using the Average Cost Method.

The cost basis of a share is generally its purchase price adjusted for distributions, returns of capital, and other corporate actions. Cost basis is used to determine whether the redemption or exchange of a share results in a gain or loss. If you redeem or exchange covered shares during any year, the Funds will report the gain/loss, cost basis, and holding period of such covered shares to you and the IRS on an applicable Form 1099.

A cost basis method is used by the Funds to determine which specific covered shares are deemed to be redeemed or exchanged when a shareholder redeems or exchanges less than its entire position of covered shares in a Fund and has made multiple purchases of covered shares on different dates at differing NAVs. If a shareholder does not affirmatively elect a particular cost basis method, the Funds will use the Average Cost Method, which averages the cost basis of all covered shares in an account regardless of holding period, and deems shares redeemed or exchanged first to be those with the longest holding period. Each shareholder may elect in writing an alternate permissible cost basis method to calculate the cost basis of its covered shares. The cost basis reporting method cannot be changed for previously redeemed or exchanged covered shares.

If you hold Fund shares through a financial intermediary, please contact that financial intermediary to discuss the reporting of cost basis and available elections for your account.

You are encouraged to consult your tax advisor regarding the application of these cost basis reporting rules and, in particular, which cost basis calculation method you should elect. Heartland representatives are not licensed tax advisors and are unable to give tax advice.

**FINANCIAL STATEMENTS**

The financial statements, related notes and related report of Cohen & Company, Ltd., an independent registered public accounting firm, contained in the Funds' Annual Report to Shareholders on Form N-CSR, for the fiscal year ended December 31, 2025, are hereby incorporated by reference into this Statement of Additional Information. Copies of the Funds' Annual Report may be obtained without charge by writing to Heartland, 790 North Water Street, Suite 1200, Milwaukee, Wisconsin 53202, by calling 1-800-432-7856, or by visiting the Heartland website at heartlandadvisors.com.

**<u>APPENDIX A</u>**

**STATEMENT OF POLICY REGARDING PROXY VOTING**

**Heartland Group, Inc.**

**Heartland Advisors, Inc.**

(February 2024)

**<u>I. INTRODUCTION</u>**

The purpose of this Statement of Policy Regarding Proxy Voting (the "Statement") is to set forth the policies and procedures that are followed to ensure proxies are voted in favor of the beneficial security interests that Heartland Advisors, Inc. ("HAI") and Heartland Group, Inc. ("HGI"), respectively, represent. Recognizing that guidance with respect to proxy voting is not static, it is intended that this Statement be reviewed periodically and revised and interpreted as necessary to remain current both with respect to its general terms and with respect to specific corporate governance matters to be voted upon.

The beneficial security interests represented by HAI and HGI and hereinafter collectively referred to as "Clients" are:

◾ As to HAI, the interests of its investment advisory clients for which it has accepted proxy voting discretion; and

◾ As to HGI, the interests of the shareholders of its various mutual fund series (the "Heartland Funds").

With respect to securities held by the Heartland Funds, the Board of Directors of HGI has delegated responsibility for proxy voting decisions to HAI, the Heartland Funds' investment adviser.

The policies and procedures set forth in this Statement are monitored, discussed and updated as necessary by the Investment Policy Committee of HAI and the Board of Directors of HGI. Although each of HAI and HGI has an independent fiduciary duty in proxy voting, HAI and HGI have determined that it is appropriate to share common policies and procedures, which are regularly reviewed to ensure that the administration of this Statement is in the best interests of the respective fiduciary interests of HAI and HGI.

This Statement does not apply to those situations where a Client of HAI has retained voting discretion. In those situations, HAI will cooperate with the Client to ensure proxies are voted as directed by the Client, as needed. In addition, HAI will also abide by specific voting guidelines on certain policy issues as requested by a particular Client on a case-by-case basis.

**<u>II. STATEMENT OF POLICY</u>**

In general, proxies shall be voted in a manner designed to maximize the value of the Clients' investment. In evaluating a particular proxy proposal, HAI will take into consideration, among other things, the period of time over which the voting shares of the company are expected to be held, the size of the position, the costs involved in the proxy proposal, and the existing governance documents of the affected company, as well as its management and operations. Proxy proposals which change the existing status of a company shall be reviewed to evaluate the necessity of the change, and to determine the benefits to the company and its shareholders, but HAI's primary objective is to protect and enhance the economic interests of Clients.

The proxy voting guidelines, attached as Exhibit A, provide a general framework for the manner in which HAI will vote proxies. These guidelines are not "hard and fast" rules and do not address all matters that may be submitted by companies to a vote of their shareholders. Rather, the guidelines reflect the overall sentiment as to how proxies should be voted with respect to matters commonly submitted by companies for shareholder approval. HAI may vote proxies that depart from such guidelines if, in its good faith judgment, doing so is in the best interests of Clients and the value of the Clients' investments. On matters not covered by the guidelines, HAI will vote proxies in a manner believed in good faith to further the value of Clients' investments. There may be instances in which HAI elects not to vote when HAI determines that the cost to the Client exceeds the expected benefit or refraining from proxy voting is otherwise in the best interest of the Client. This may be the case in foreign markets, for example, in which corporate governance standards, disclosure requirements and voting mechanics can vary greatly.

Generally, it is HAI's policy to vote in accordance with management's recommendations on most issues since the capability of management is one of the criteria used by HAI in selecting stocks, and in recognition of the fact that a board of directors is elected by a company's shareholders and the management of a company will normally have more specific expertise and knowledge as to the company's operations. However, when HAI believes management is acting on its own behalf, instead of on behalf of the well-being of the company and its shareholders, or when HAI believes that management is acting in a manner that is adverse to the rights of the company's shareholders, HAI believes it is its duty to represent the interests of Clients and, as a result, will not vote with management.

**<u>III. VOTING PROCEDURES</u>**

All proxy proposals shall be voted on an individual basis, for each company and proposal. Subject to the oversight of its Investment Policy Committee, the Legal/Compliance Team is responsible for voting proxies. The Team will match each proxy to the security to be voted, will provide the relevant proxy materials to the HAI analyst for the particular company, and ensure that voting is done in a timely manner. In general, the HAI analyst for a company shall be responsible for analyzing a proxy proposal relating to that company and determining how votes should be cast by communicating his/her recommendation to the Legal/Compliance Team. In certain circumstances, the company or a shareholder proponent may issue additional proxy solicitation materials to express its opinion on the voting recommendation or proxy research issued by proxy voting advisory firms or other entities. When made available and appropriate, such information will be reviewed by the HAI analyst as part of the proxy voting process.

In evaluating a proxy proposal, the HAI analyst shall be responsible for considering whether there is any business relationship between HAI or HGI and the company or other facts and circumstances that may give rise to a material conflict of interest on the part of HAI or HGI in connection with voting Client proxies. Instances that may give rise to a material conflict include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HAI may manage a pension plan, administer an employee benefit plan for, or provide other services to a
company whose management is soliciting proxies. Failure to vote in favor of management may harm HAI's relationship with the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) HAI or HGI, or an officer, director, employee or representative, may have a business or personal relationship
with proponents of a proxy proposal such as participants in proxy contests, corporate directors or candidates for directorship. These
relationships could influence HAI's proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An employee of HAI may have a spouse or other relative who serves as a director, executive, manager or
employee of a company. This personal relationship may cause a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An inherent conflict also exists with any proposal requiring a proxy vote that influences the revenue
received by HAI.

In general, if the HAI analyst determines that a material conflict of interest may exist, the proxy shall be voted consistent with the recommendations of Glass Lewis & Co. or referred to the HAI Investment Policy Committee who shall, based on the advice of legal counsel, determine whether the proxy may be voted by HAI or referred to the Client (or another fiduciary of the Client) for voting purposes.<sup>1</sup>

From time to time, HAI may also engage a third-party service provider (who is independent of HAI and HGI), such as Glass, Lewis & Co., to perform research and make recommendations to HAI as to a particular shareholder vote being solicited. HAI is under no obligation to follow any such recommendation, but will take it under consideration when reviewing the proposal being solicited. Before engaging such third-party service provider, HAI will take reasonable steps to verify that the service provider is independent of HAI and HGI based on all of the relevant facts and circumstances. In addition, before engaging such third-party service provider, or before determining to continue to engage such a provider, HAI must be satisfied that the service provider can make impartial proxy voting recommendations that are in the best interests of the Clients, has appropriate methodologies in formulating voting recommendations and otherwise satisfies HAI's due diligence requirements for service providers. If the third-party service provider is in the business of providing corporate guidance advice to companies in addition to making proxy voting recommendations to investment advisers, HAI will implement procedures that require such firm to disclose any relevant facts concerning that firm's relationship with a company whose voting securities are held by Clients, such as the amount of compensation that the firm receives from the company. Such procedures may also include a thorough review of the service provider's conflict procedures, their adequacy and the effectiveness of their implementation and/or other means reasonably designed to ensure the integrity of the proxy voting process. HAI will then use that information to determine whether that firm can make proxy voting recommendations in an impartial manner and in the best interests of the Clients, or whether HAI needs to take other steps and seek other input on how to vote the proxies.

<sup>1</sup> In the case of HGI, if the Investment Policy Committee determines that the proxy should not be voted by the officers of HGI, the proxy shall be submitted to the Audit Committee of HGI (or its designee) to determine how the proxy should be voted.

When possible, voting will be conducted electronically through the Glass Lewis & Co. electronic delivery platform ("Glass Lewis"). For each proposal with respect to which a vote is cast, documentation of the analyst instructions and approval on how to vote the ballot and documentation of the accounts for which votes were cast shall be retained. HAI and HGI shall maintain a record of such information for seven calendar years. In addition, an electronic voting record shall be maintained by Glass Lewis that shall include the same information, as well as a brief statement of the voting issue and a statement as to how HAI voted. HAI and HGI shall also maintain any other books and records required by applicable law.

With regard to proxies voted on behalf of the Heartland Funds, HGI shall comply with the disclosure and filing requirements set forth in Investment Company Act Release IC-25922, including filing of Form N-PX pursuant to Rule 30b1-4 under the Investment Company Act of 1940.

With regard to "say on pay" proxies voted on behalf of HAI for its Clients, HAI shall comply with the disclosure and filing requirements of Form N-PX set forth in Rule 14Ad-1 under the Securities Exchange Act of 1934.

Upon request by a Client or the Board of Directors of HGI, HAI shall provide information concerning the voting of proxies on behalf of that Client or the Heartland Funds, respectively. Copies of this Statement of Policy also shall be made available upon request.

EXHIBIT A

Heartland Advisors, Inc. Proxy Voting Guidelines

A. Board Items

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Election of Directors | &nbsp;&nbsp; ● FOR nominees in an uncontested election, *except* that votes may be withheld from a director who:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Attended less than 75% of board and/or committee meetings without a valid business reason for the absences;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Serves on a committee when the committee's actions are inconsistent with other guidelines (e.g., excessive option grants, substantial non-audit fees, or lack of board independence);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Receives compensation from the company for services other than serving as a director;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Serves as Chief Financial Officer or similar financial/accounting role for the company; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Has other known positions that create a conflict of interest<br> ● AGAINST election of the director acting as chairman of the nominating/governance committees if there is no requirement that require an independent member act as chairperson of the board<br> ● AGAINST election of the director acting as chairman of the compensation committee if the compensation structure is subjective, not based on financial metrics, and otherwise not in line with the other compensation metrics<br> ● AGAINST election of the director acting as chairman of the nominating/governance committees if there is no requirement that directors hold a minimum amount of common stock of the company<br> ● AGAINST election of the director acting as chairman of the nominating/governance committee if there is a staggered board<br> ● FOR reasonable shareholder proposals requesting long-term shareholders' ability to nominate director candidates to management's proxy |
| &nbsp;&nbsp;Two-Thirds of Independent Directors | &nbsp;&nbsp;● FOR proposals that require two-thirds of the board and/or board committees to be independent |
| &nbsp;&nbsp; Independent Chairperson<br> (Separate Chairperson/CEO) | &nbsp;&nbsp; ● FOR proposals that require an independent member act as chairperson of the board<br> ● AGAINST election of the director acting as chairman of the nominating/governance committees if there is no requirement that require an independent member act as chairperson of the board |
| &nbsp;&nbsp;Independent Committees | &nbsp;&nbsp;FOR proposals that require all members of the Audit, Nominating and Compensation Committees to be independent |
| &nbsp;&nbsp;Board Size | &nbsp;&nbsp; ● FOR proposals that seek to fix or designate a range for the board size<br> ● AGAINST proposals that give management the ability to alter the board size outside a specified range without shareholder approval |
| &nbsp;&nbsp;Declassification of Board | &nbsp;&nbsp;FOR |
| &nbsp;&nbsp;Classification of Board | &nbsp;&nbsp; ● AGAINST<br> ● AGAINST election of the director acting as chairman of the nominating/governance committee if there is a staggered board |
| &nbsp;&nbsp;Removal of Directors | &nbsp;&nbsp; ● AGAINST proposals that provide that directors may be removed only for cause<br> ● FOR proposals to restore shareholder ability to remove directors with or without cause |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Filling Vacancies | &nbsp;&nbsp; ● FOR proposals that permit shareholders to elect directors to fill board vacancies<br> ● AGAINST proposals that provide that only continuing directors may elect replacement board members |
| &nbsp;&nbsp;Term Limits | &nbsp;&nbsp;AGAINST shareholder proposals to limit the tenure of outside directors |
| &nbsp;&nbsp;Age Limits | &nbsp;&nbsp;AGAINST shareholder proposals to impose a mandatory retirement age for outside directors |

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B. Capital Structure and Voting Related Items

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Poison Pills | &nbsp;&nbsp; ● FOR shareholder proposals that request a company submit a poison pill to shareholder vote<br> ● AGAINST management proposals to adopt or ratify a poison pill which limit a potential acquirer's ability to buy a controlling interest without the approval of the target's board of directors |
| &nbsp;&nbsp;Supermajority Voting | &nbsp;&nbsp;AGAINST proposals that require a supermajority shareholder vote |
| &nbsp;&nbsp;Cumulative Voting | &nbsp;&nbsp;AGAINST proposals that allow shareholders votes that are disproportionate to their economic investment in the company |
| &nbsp;&nbsp;Confidential Voting | &nbsp;&nbsp;FOR |
| &nbsp;&nbsp;Dual Class Stock | &nbsp;&nbsp;AGAINST proposals to create a new class of common stock with superior voting rights. |
| &nbsp;&nbsp;Common Stock Authorization | &nbsp;&nbsp;Reviewed on a case-by-case basis when a proposal seeks to increase the number of common stock shares authorized for issuance |
| &nbsp;&nbsp;Repurchase Programs | &nbsp;&nbsp;FOR proposals to institute share repurchase plans |

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C. General/Administrative Items

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Ratify Auditors | &nbsp;&nbsp; FOR, unless:<br> ● The auditor is performing non-audit work for which it receives fees that are deemed excessive in relation to the fees paid for audit work; or<br> ● The auditor otherwise has a significant professional or personal relationship with the company that compromises the audit firm's independence |
| &nbsp;&nbsp; Environmental, Social, Political and<br> Governance Issues | &nbsp;&nbsp;Review on a case-by-case basis; however, typically vote with management with regard to environmental, social, political or certain governance concerns that may have an effect upon the economic success of the company, as management is in the best position to assess the impact on the company and the value of its securities |
| &nbsp;&nbsp;Adjourn Meeting | &nbsp;&nbsp;AGAINST, absent compelling reasons to support |
| &nbsp;&nbsp;Transact Other Business | &nbsp;&nbsp;AGAINST proposals to approve such other business that may be raised during a meeting |
| &nbsp;&nbsp;Right to Call Meetings | &nbsp;&nbsp;FOR proposals that permit shareholders to call special meetings of the board |

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D. Compensation Items

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Compensation Structure | &nbsp;&nbsp; ● FOR compensation plans that are based on objective, financial metrics (as long as they are in line with the other compensation metrics)<br> ● AGAINST election of the director acting as chairman of the compensation committee if the compensation structure is subjective, not based on financial metrics, and otherwise not in line with the other compensation metrics |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Stock Plans in Lieu of Cash | &nbsp;&nbsp;FOR plans that allow participants to take all or a portion of their cash compensation in the form of stock |
| &nbsp;&nbsp;Stock Ownership Requirements | &nbsp;&nbsp; ● FOR proposals that require senior executives to hold a minimum amount of common stock of the company<br> ● AGAINST election of the director acting as chairman of the nominating/governance committees if there is no requirement that directors hold a minimum amount of common stock of the company |
| &nbsp;&nbsp;Stock Options and Incentive Compensation | &nbsp;&nbsp; ● FOR proposals that require stock acquired through an option exercise to be held for a certain period of time<br> ● AGAINST the re-pricing or replacement of stock options without shareholder approval<br> ● AGAINST proposals that provide for options priced at less than 100% of the fair market value of the underlying security on the date of the grant<br> ● AGAINST annual option grants in excess of 2% of shares outstanding<br> ● AGAINST option plans that provide for potential dilution of shares that exceed 10% of shares outstanding<br> ● AGAINST proposals that include automatic share replenishment ("evergreen") features |
| &nbsp;&nbsp;Executive Severance Agreements ("Golden Parachutes") | &nbsp;&nbsp;Reviewed on a case-by-case basis, but vote AGAINST proposals that provide for compensation exceeding three times annual compensation (salary and bonus) |
| &nbsp;&nbsp;Employee Stock Ownership Plans | &nbsp;&nbsp;FOR where the plan provides for a minimum stock purchase price that is equal or greater than 85% of the stock's fair market value |

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E. Advisory Say-on-Pay Votes

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject** | &nbsp;&nbsp;**Vote** |
| &nbsp;&nbsp;Say-on-Frequency | &nbsp;&nbsp;● FOR proposals for annual advisory votes on executive compensation |
| &nbsp;&nbsp;Say-on-Pay | &nbsp;&nbsp; ● FOR proposals that require stock acquired through an option exercise to be held for a certain period of time<br> ● AGAINST the re-pricing or replacement of stock options without shareholder approval<br> ● AGAINST proposals that provide for options priced at less than 100% of the fair market value of the underlying security on the date of the grant<br> ● AGAINST annual option grants in excess of 2% of shares outstanding<br> ● AGAINST option plans that provide for potential dilution of shares that exceed 10% of shares outstanding<br> ● AGAINST proposals that include automatic share replenishment ("evergreen") features<br> ● AGAINST re-pricing or re-placing out-of-the-money stock options or stock appreciation rights<br> ● AGAINST new or extended agreements that provide for change in control payments exceeding three times annual compensation (salary and bonus)<br> ● AGAINST change in control severance payments without involuntary job loss or substantial diminution of duties, or change in control payments with excise tax gross-ups |
| &nbsp;&nbsp;Say-on-Golden-Parachutes in Mergers & Acquisitions | &nbsp;&nbsp;Reviewed on a case-by-case basis, but vote AGAINST proposals that provide for compensation exceeding three times annual compensation (salary and bonus) |

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**Part C. Other Information**

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| | |
|:---|:---|
| **Item 28** | **Exhibits** |
| [(a)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-a.htm) | [Amended and Restated Articles of Incorporation<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-a.htm) |
| [(b)](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-b.htm) | [Amended and Restated Bylaws<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-b.htm) |
| (c) | Instruments Defining Rights of Security Holders are incorporated by reference to the Amended and Restated Articles of Incorporation and Amended and Restated Bylaws (see [Exhibits (a)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-a.htm) and [(b)](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-b.htm)) |
| [(d)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-d1.htm) | [Investment Advisory Agreement for the Heartland Mid Cap Value, Heartland Value Plus and Heartland Value Funds<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-d1.htm) |
| [(e.1)](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-e1.htm) | [Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-e1.htm) |
| [(e.2)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e2.htm) | [First Amendment to Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e2.htm) |
| [(e.3)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e3.htm) | [Second Amendment to Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e3.htm) |
| [(e.4)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e4.htm) | [Third Amendment to the Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e4.htm) |
| [(e.5)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e5.htm) | [Fourth Amendment to the Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e5.htm) |
| [(e.6)](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-ed6.htm) | [Fifth Amendment to the Distribution Agreement between Heartland Group, Inc. and ALPS Distributors, Inc.<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-ed6.htm) |
| [(e.7)](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-e2.htm) | [Distribution Fee Letter Agreement between Heartland Group, Inc., Heartland Advisors, Inc., and ALPS Distributors, Inc., dated April 16, 2018<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-e2.htm) |
| [(e.8)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e6.htm) | [First Amendment to the Distribution Fee Letter Agreement between Heartland Group, Inc., Heartland Advisors, Inc., and ALPS Distributors, Inc., dated September 28, 2018<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e6.htm) |
| [(e.9)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e7.htm) | [Second Amendment to the Distribution Fee Letter Agreement between Heartland Group, Inc., Heartland Advisors, Inc., and ALPS Distributors, Inc., dated October 16, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-e7.htm) |
| [(e.10)](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-e9.htm) | [Third Amendment to the Distribution Fee Letter Agreement between Heartland Group, Inc., Heartland Advisors, Inc. and ALPS Distributors, Inc. dated March 1, 2023<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-e9.htm) |
| [(e.11)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e9.htm) | [Form of Broker Dealer Selling Agreement<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e9.htm) |
| [(e.12)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e10.htm) | [Form of Shareholder Servicing Agreement<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-e10.htm) |
| (f) | Not applicable |
| [(g.1)](https://www.sec.gov/Archives/edgar/data/809586/000119312504031393/dex99g.txt) | [Custodian Agreement with Brown Brothers Harriman & Co.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000119312504031393/dex99g.txt) |
| [(g.2)](https://www.sec.gov/Archives/edgar/data/809586/000114420413025173/v341892_ex99g1.htm) | [Schedule of Global Services & Charges between Heartland Group, Inc. and Brown Brothers Harriman & Co., dated July 2012<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413025173/v341892_ex99g1.htm) |
| [(g.3)](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-g3.htm) | [First Amendment to the Custodian Agreement with Brown Brothers Harriman & Co.<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-g3.htm) |

---

---

| | |
|:---|:---|
| [(g.4)](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-g4.htm) | [Second Amendment to the Custodian Agreement with Brown Brothers Harriman & Co.<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-g4.htm) |
| [(g.5)](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-g5.htm) | [Addendum to Schedule of Fees & Charges between Heartland Group, Inc. and Brown Brothers Harriman & Co.<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-g5.htm) |
| [(g.6)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-g6.htm) | [Third Amendment to the Custodian Agreement with Brown Brothers Harriman & Co.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-g6.htm) |
| [(g.7)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-g7.htm) | [Addendum to the Schedule of Fees & Charges between Heartland Group, Inc. and Brown Brothers Harriman & Co.<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-g7.htm) |
| [(h.1)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-h1.htm) | [Power of Attorney dated April 5, 2022<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-h1.htm) |
| [(h.2)](https://www.sec.gov/Archives/edgar/data/809586/000119312505039968/dex99h8.txt) | [Credit Agreement between Heartland Group, Inc. and Brown Brothers Harriman & Co.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000119312505039968/dex99h8.txt) |
| [(h.3)](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-h6.htm) | [Amendment to Credit Agreement between Heartland Group, Inc. and Brown Brothers Harriman & Co.<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-h6.htm) |
| [(h.4)](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h6.htm) | [Transfer Agency and Services Agreement, dated August 13, 2008<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h6.htm) |
| [(h.5)](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h7.htm) | [Amendment No. 1 to Transfer Agency and Services Agreement, dated August 14, 2008<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h7.htm) |
| [(h.6)](https://www.sec.gov/Archives/edgar/data/809586/000114420411024868/v219565_ex99-h8.htm) | [Amendment No. 2 to Transfer Agency and Services Agreement, dated May 12, 2010<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420411024868/v219565_ex99-h8.htm) |
| [(h.7)](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h18.htm) | [Amendment No. 3 to Transfer Agency and Services Agreement, dated July 17, 2013<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h18.htm) |
| [(h.8)](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h24.htm) | [Amendment No. 4 to Transfer Agency and Services Agreement, dated August 26, 2014<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h24.htm) |
| [(h.9)](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-h24.htm) | [Amendment No. 5 to Transfer Agency and Services Agreement, dated January 1, 2018<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-h24.htm) |
| [(h.10)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h32.htm) | [Amendment No. 7 to Transfer Agency and Services Agreement dated April 20, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h32.htm) |
| [(h.11)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h33.htm) | [Amendment No. 8 to Transfer Agency and Services Agreement dated October 16, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h33.htm) |
| [(h.12)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-h34.htm) | [Amendment No. 9 to Transfer Agency and Services Agreement dated August 13, 2021<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-h34.htm) |
| [(h.13)](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-h7.htm) | [Amendment No. 10 to Transfer Agency and Services Agreement, dated March 1, 2023<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-h7.htm) |
| [(h.14)](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-hd14.htm) | [Amendment No. 11 to Transfer Agency and Services Agreement, dated November 15, 2023<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-hd14.htm) |
| [(h.15)](tm262596d1_ex99-xhx15.htm) | [Amendment No. 12 to Transfer Agency and Services Agreement, dated November 24, 2025\*](tm262596d1_ex99-xhx15.htm) |
| [(h.16)](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h8.htm) | [Transfer Agency Interactive Client Services Agreement, dated August 13, 2008<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h8.htm) |
| [(h.17)](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h9.htm) | [Amendment No.1 to Transfer Agency Interactive Client Services Agreement, dated October 2008<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h9.htm) |
| [(h.18)](https://www.sec.gov/Archives/edgar/data/809586/000114420411024868/v219565_ex99-h11.htm) | [Amendment No. 2 to Transfer Agency Interactive Client Services Agreement, dated December 2, 2010<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420411024868/v219565_ex99-h11.htm) |
| [(h.19)](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h19.htm) | [Amendment No. 3 to Transfer Agency Interactive Client Services Agreement, dated July 17, 2013<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h19.htm) |
| [(h.20)](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h26.htm) | [Amendment No. 4 to Transfer Agency Interactive Client Services Agreement, dated August 26, 2014<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h26.htm) |
| [(h.21)](https://www.sec.gov/Archives/edgar/data/809586/000114420417023140/v465117_ex99-h28.htm) | [Amendment No. 5 to Transfer Agency Interactive Client Services Agreement, dated August 22, 2016<sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420417023140/v465117_ex99-h28.htm) |

---

---

| | |
|:---|:---|
| [(h.22)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h37.htm) | [Amendment No. 7 to Transfer Agency Interactive Client Services Agreement, dated April 20, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h37.htm) |
| [(h.23)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h38.htm) | [Amendment No. 8 to Transfer Agency Interactive Client Services Agreement, dated October 16, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h38.htm) |
| [(h.24)](https://www.sec.gov/Archives/edgar/data/809586/000114420412024687/v310111_ex99-h13.htm) | [Acknowledgement of Change of Control and Assignment of Service Agreements, dated November 1, 2011<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420412024687/v310111_ex99-h13.htm) |
| [(h.25)](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h10.htm) | [Administration, Bookkeeping and Pricing Services Agreement, dated August 13, 2008<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420409022859/v147112_ex99-h10.htm) |
| [(h.26)](https://www.sec.gov/Archives/edgar/data/809586/000114420413025173/v341892_ex99h16.htm) | [Amendment No. 1 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413025173/v341892_ex99h16.htm) |
| [(h.27)](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h17.htm) | [Amendment No. 2 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420413040116/v349911_ex99-h17.htm) |
| [(h.28)](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-h20.htm) | [Amendment No. 3 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-h20.htm) |
| [(h.29)](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h22.htm) | [Amendment No. 4 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-h22.htm) |
| [(h.30)](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-h21.htm) | [Amendment No. 5 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420418023520/tv491843_ex99-h21.htm) |
| [(h.31)](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h23.htm) | [Amendment No. 7 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h23.htm) |
| [(h.32)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h23.htm) | [Amendment No. 8 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h23.htm) |
| [(h.33)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h24.htm) | [Amendment No. 9 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h24.htm) |
| [(h.34)](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-h12.htm) | [Amendment No. 10 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465923052094/tm2312398d1_ex99-h12.htm) |
| [(h.35)](https://www.sec.gov/Archives/edgar/data/809586/000110465925040832/tm253537d1_ex99-hd39.htm) | [Amendment No. 11 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465925040832/tm253537d1_ex99-hd39.htm) |
| [(h.36)](tm262596d1_ex99-xhx36.htm) | [Amendment No. 12 to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.\*](tm262596d1_ex99-xhx36.htm) |
| [(h.37)](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h24.htm) | [Report Modernization Addendum to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h24.htm) |
| [(h.38)](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h25.htm) | [Amendment No. 1 to the Report Modernization Addendum to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h25.htm) |
| [(h.39)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h27.htm) | [Amendment No. 2 to the Report Modernization Addendum to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-h27.htm) |
| [(h.40)](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h26.htm) | [Liquidity Risk Management Addendum to Administration, Bookkeeping and Pricing Services Agreement between Heartland Group, Inc. and ALPS Fund Services, Inc.<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420419022248/tv519428_ex99-h26.htm) |

---

---

| | |
|:---|:---|
| [(h.41)](tm262596d1_ex99-xhx41.htm) | [Amended and Restated Operating Expense Limitation Agreement for the Heartland Mid Cap Value Fund\*](tm262596d1_ex99-xhx41.htm) |
| [(i.1)](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-i.htm) | [Opinion and Consent of Counsel (for the Heartland Value Plus Fund and Heartland Value Fund)<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414026202/v375152_ex99-i.htm) |
| [(i.2)](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-i.htm) | [Opinion and Consent of Counsel (for the Heartland Mid Cap Value Fund)<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000114420414063921/v391778_ex99-i.htm) |
| [(i.3)](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-id3.htm) | [Consent of Counsel<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465924053592/tm247789d1_ex99-id3.htm) |
| [(j)](tm262596d1_ex99-xj.htm) | [Consent of Independent Registered Public Accounting Firm\*](tm262596d1_ex99-xj.htm) |
| (k) | Not applicable |
| (l) | Not applicable |
| [(m)](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-m1.htm) | [Heartland Group Inc.'s Amended and Restated Rule 12b-1 Plan (effective as of May 1, 2017), dated October 19, 2020<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465921055489/tm2113164d1_ex99-m1.htm) |
| [(n)](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-n.htm) | [Heartland Group Inc.'s Rule 18f-3 Plan<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465922051940/tm2212954d1_ex99-n.htm) |
| (o) | Reserved |
| [(p.1)](tm262596d1_ex99-xpx1.htm) | [Heartland Group, Inc.'s and Heartland Advisors, Inc.'s Business Conduct Rules and Code of Ethics (Amended as of April 1, 2026)<sup>\*</sup>](tm262596d1_ex99-xpx1.htm) |
| [(p.2)](https://www.sec.gov/Archives/edgar/data/809586/000110465925040832/tm253537d1_ex99-pd2.htm) | [ALPS Distributors, Inc.'s Code of Ethics<sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/809586/000110465925040832/tm253537d1_ex99-pd2.htm) |

---

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| EX-101 | Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| EX-101.INS | XBRL Taxonomy Instance Document |
| EX-101.SCH | XBRL Taxonomy Schema Document |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |

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<sup>(1)</sup> Incorporated by reference to Post-Effective Amendment No. 46 to the Registration Statement on Form N-1A of Registrant filed on or about February 27, 2004.

<sup>(2)</sup> Incorporated by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of Registrant filed on or about March 1, 2005.

<sup>(3)</sup> Incorporated by reference to Post-Effective Amendment No. 54 to the Registration Statement on Form N-1A of Registrant filed on or about April 29, 2009.

<sup>(4)</sup> Incorporated by reference to Post-Effective Amendment No. 57 to the Registration Statement on Form N-1A of Registrant filed on or about April 29, 2011.

<sup>(5)</sup> Incorporated by reference to Post-Effective Amendment No. 59 to the Registration Statement on Form N-1A of Registrant filed on or about April 30, 2012.

<sup>(6)</sup> Incorporated by reference to Post-Effective Amendment No. 61 to the Registration Statement on Form N-1A of Registrant filed on or about April 30, 2013.

<sup>(7)</sup> Incorporated by reference to Post-Effective Amendment No. 64 to the Registration Statement on Form N-1A of Registrant filed on or about July 18, 2013.

<sup>(8)</sup> Incorporated by reference to Post-Effective Amendment No. 66 to the Registration Statement on Form N-1A of Registrant filed on or about April 30, 2014.

<sup>(9)</sup> Incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement on Form N-1A of Registrant filed on or about October 30, 2014.

<sup>(10)</sup> Incorporated by reference to Post-Effective Amendment No. 76 to the Registration Statement on Form N-1A of Registrant filed on or about April 28, 2017.

<sup>(11)</sup> Incorporated by reference to Post-Effective Amendment No. 78 to the Registration Statement on Form N-1A of Registrant filed on or about April 30, 2018.

<sup>(12)</sup> Incorporated by reference to Post-Effective Amendment No. 80 to the Registration Statement on Form N-1A of Registrant filed on or about April 30, 2019.

<sup>(13)</sup> Incorporated by reference to Post-Effective Amendment No. 84 to the Registration Statement on Form N-1A of Registrant filed on or about April 27, 2021.

<sup>(14)</sup> Incorporated by reference to Post-Effective Amendment No. 85 to the Registration Statement on Form N-1A of Registrant filed on or about April 28, 2022.

<sup>(15)</sup> Incorporated by reference to Post-Effective Amendment No. 86 to the Registration Statement on Form N-1A of Registrant filed on or about April 28, 2023.

<sup>(16)</sup> Incorporated by reference to Post-Effective Amendment No. 87 to the Registration Statement on Form N-1A of Registrant filed on or about April 29, 2024.

<sup>(17)</sup> Incorporated by reference to Post-Effective Amendment No. 88 to the Registration Statement on Form N-1A of Registrant filed on or about April 29, 2025.

<sup>\*</sup> Filed herewith

**Item 29.** **Persons Controlled by or Under Common Control with the Fund**

Not Applicable. See "Control Persons and Principal Holders of Securities" in Part B.

**Item 30.** **Indemnification**

Reference is made to Article VII of the Registrant's Amended and Restated Articles of Incorporation, which is set forth below:

ARTICLE VII

LIMITATION OF LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former director or officer of the Corporation shall be liable to the Corporation or its stockholders for money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the maximum extent permitted by Maryland law in effect from time to time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity or (b) any individual who, while a director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, trustee, member, manager or partner of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity. The rights to indemnification and advance of expenses provided by the Charter and the Bylaws shall vest immediately upon election of a director or officer. The Corporation may, with the approval of its Board of Directors, provide such indemnification and advance of expenses to an individual who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided in the Charter and Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise. The Bylaws may provide for additional procedural requirements relating to indemnification and advance of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provisions of this Article VII shall be subject to the limitations of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Neither the amendment nor repeal of this Article VII, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article VII, shall apply to or affect in any respect the applicability of the preceding sections of this Article VII with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

The Registrant's Directors and Officers are also insured under a policy of insurance against certain liabilities that might be imposed as a result of actions, suits, or proceedings to which they are parties by reason of being or having been directors or officers.

**Item 31.** **Business and Other Connections of the Investment Adviser**

<u>Heartland Advisors, Inc.</u>

Heartland Advisors, Inc. ("Heartland Advisors") acts as the investment advisor to the Registrant. William ("Will") R. Nasgovitz, Chief Executive Officer of Heartland Advisors, is the control person of Heartland Advisors through his indirect ownership of a majority of its voting common stock.

Set forth below is a list of the officers and directors of Heartland Advisors as of April 29, 2026, together with information as to any other business, profession, vocation or employment of a substantial nature of those officers and directors during the past two fiscal years:

---

| | | |
|:---|:---|:---|
| **Name and Principal Business<br> <u>Address</u>\*** | &nbsp;&nbsp;**Position and Office(s) with Heartland<br> <u>Advisors, Inc.</u>** | &nbsp;&nbsp;**<u>Other</u>** |
| William ("Bill") J. Nasgovitz | &nbsp;&nbsp;Chairman and Director |  |
| William ("Will") R. Nasgovitz | &nbsp;&nbsp;Chief Executive Officer and Director | &nbsp;&nbsp;President and Director, Heartland Group, Inc., since January 2020; Chief Executive Officer, Heartland Group, Inc., since May 2012. |
| Vinita K. Paul | &nbsp;&nbsp;Vice President, Chief Compliance Officer, General Counsel and Secretary | &nbsp;&nbsp;Vice President, Heartland Group, Inc., since August 2008; Chief Compliance Officer, Heartland Group, Inc., August 2008 to May 2016 and since December 2016; Secretary, Heartland Group, Inc., since April 2017; AML Officer, Heartland Group, Inc., since February 2014. |
| Nicole J. Best | &nbsp;&nbsp;Senior Vice President, Chief Financial Officer, and Chief Administrative Officer | &nbsp;&nbsp;Vice President, Principal Accounting Officer and Treasurer, Heartland Group, Inc., since June 2011. |
| Michael D. Kops | &nbsp;&nbsp;Vice President |  |
| Colin P. McWey | &nbsp;&nbsp;Vice President |  |
| Andrew J. Fleming | &nbsp;&nbsp;Vice President |  |
| Troy McGlone | &nbsp;&nbsp;Vice President |  |

---

\*The principal business address for each of the above directors and officers is 790 North Water Street, Suite 1200, Milwaukee, Wisconsin 53202.

**Item 32.** **Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ALPS Distributors, Inc. acts as the distributor for the Registrant and the following investment companies: 1290 Funds, 1WS Credit Income Fund, Aberdeen Income Credit Strategies Fund, abrdn ETFs, abrdn Funds, abrdn Global Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Income Credit Strategies Fund, Accordant ODCE Index Fund, Alpha Alternative Assets Fund, ALPS Series Trust, Alternative Credit Income Fund, Apollo Diversified Credit Fund, Apollo Diversified Real Estate Fund, AQR Funds, Arrowmark Financial Corp., Axonic Alternative Income Fund, Axonic Funds, BBH Trust, Bluerock High Income Institutional Credit Fund, Bridge Builder Trust, Cambria ETF Trust, CION Ares Diversified Credit Fund, CION Grosvenor Infrastructure Fund, Columbia ETF Trust, Columbia ETF Trust I, Columbia ETF Trust II, Columbia Seligman Premium Technology Growth Fund, Inc., CRM Mutual Fund Trust, DBX ETF Trust, Diameter Dynamic Credit Fund, Eagle Point Defensive Income Trust, Eagle Point Enhanced Income Trust, EA Series Trust (Cambria Series), ETF Series Solutions (Vident Series), Financial Investors Trust, Firsthand Funds, FS Credit Income Fund, FS Credit Opportunities Corp., FS MVP Private Markets Fund, Gemcorp Commodities Alternative Products Fund, Goehring & Rozencwajg Investment Funds, Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Graniteshares ETF Trust, Hartford Funds Exchange-Traded Trust, Heartland Group, Inc., Investment Managers Series Trust II (AXS-Advised Funds), Investment Managers Series Trust II (Alternative Access-Advised Fund), Janus Detroit Street Trust, Lattice Strategies Trust, Litman Gregory Funds Trust, Longleaf Partners Funds Trust, Manager Directed Portfolios (Spyglass Growth Fund), Meridian Fund, Inc., Natixis ETF Trust, Natixis ETF Trust II, New York Life Investments Active ETF Trust, New York Life Investments ETF Trust, Opportunistic Credit Interval Fund, PRIMECAP Odyssey Funds, Principal Exchange-Traded Funds, RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Capital and Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc., State Street® SPDR® Dow Jones® Industrial Average<sup>SM</sup> ETF Trust, State Street® SPDR® S&P 500® ETF Trust, State Street® SPDR® S&P MIDCAP 400® ETF Trust, Sphinx Opportunity Fund II, Sprott Funds Trust, The Arbitrage Funds, Themes ETF Trust, Tidal Trust II (Cambria Series), Thornburg ETF Trust, Thornburg Investment Trust (Thornburg American Opportunities Fund ETF Class Shares and Thornburg Focus Growth Fund ETF Class Shares), Thrivent ETF Trust, Trust for Professional Managers (PT Asset Management Series), USCF ETF Trust, USVC Venture Capital Access Fund, Valkyrie ETF Trust II, Wasatch Funds, Wilmington Funds, X-Square Balanced Fund, and X-Square Series Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the best of Registrant's knowledge, the directors and executive officers of ALPS Distributors, Inc., are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Principal**<br> **<u>Business Address\*</u>** | &nbsp;&nbsp;**Positions and Offices <br> <u>with Underwriter</u>** | &nbsp;&nbsp;**Positions and Offices<br> <u>with Registrant</u>** |
| Stephen J. Kyllo | &nbsp;&nbsp;President, Chief Operating Officer, Director, Chief Compliance Officer | &nbsp;&nbsp;None |
| Brian Schell \*\* | &nbsp;&nbsp;Vice President & Treasurer | &nbsp;&nbsp;None |
| Eric Parsons | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer | &nbsp;&nbsp;None |
| Jason White\*\*\* | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;None |
| Richard C. Noyes | &nbsp;&nbsp;Senior Vice President, General Counsel, Assistant Secretary | &nbsp;&nbsp;None |
| Eric Theroff^ | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;None |
| Adam Girard^^ | &nbsp;&nbsp;Tax Officer | &nbsp;&nbsp;None |
| Liza Price | &nbsp;&nbsp;Vice President, Managing Counsel | &nbsp;&nbsp;None |
| Jed Stahl | &nbsp;&nbsp;Vice President, Managing Counsel | &nbsp;&nbsp;None |
| James Stegall | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |
| Hilary Quinn | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |

---

\* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

\*\* The principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606.

\*\*\* The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

^ The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105

^^ The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ALPS Distributors, Inc. retained a total of $178,276 in Rule 12b-1 distribution fees from the
Heartland Funds Investor Class Shares during the fiscal year ended December 31, 2025. Of these distribution fees, ALPS Distributors
retained $34,845 from the Mid Cap Value Fund, $29,701 from the Value Plus Fund and $113,730 from the Value Fund.

**Item 33.** **Location of Accounts and Records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Heartland Group, Inc.

790 North Water Street, Suite 1200

Milwaukee, Wisconsin 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paper Tiger

1101 North Estes Street

Gurnee, Illinois 60031

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Iron Mountain Incorporated

5255 South International Drive

Milwaukee, Wisconsin 53005

Iron Mountain Incorporated

5170 South 6<sup>th</sup> Street

Milwaukee, Wisconsin 53187

**Item 34.** **Management Services**

Not applicable.

**Item 35.** **Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of the Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, and State of Wisconsin on the 29th day of April, 2026.

---

| | |
|:---|:---|
| **HEARTLAND GROUP, INC.** | **HEARTLAND GROUP, INC.** |
| By: | */s/ William R. Nasgovitz* |
|  | William R. Nasgovitz, Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below on this 29th day of April, 2026, by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **SIGNATURE** | **TITLE** |
| */s/ William R. Nasgovitz* | Chief Executive Officer, President and Director |
| William R. Nasgovitz | Chief Executive Officer, President and Director |
|  | Chief Executive Officer, President and Director |
| */s/ Nicole J. Best* | Treasurer and Principal Accounting Officer (Chief Financial and Accounting Officer) |
| Nicole J. Best | Treasurer and Principal Accounting Officer (Chief Financial and Accounting Officer) |
|  | Treasurer and Principal Accounting Officer (Chief Financial and Accounting Officer) |
| *\** | Director |
| Dale J. Kent | Director |
|  | Director |
| *\** | Director |
| Ward D. Armstrong | Director |
| *\** | Director |
| Dianna Gonzales-Burdin |  |
| *\** | Director |
| Dina A. Tantra |  |

---

\*Pursuant to Power of Attorney filed on April 28, 2022, Post-Effective Amendment No. 85.

---

| |
|:---|
| */s/ Vinita K. Paul* |
| Vinita K. Paul |

---

## Ex-99.(H)(15)

**<u>Exhibit (h.15)</u>**

**AMENDMENT TWELVE**

This amendment (the "<u>Amendment</u>") between the parties signing below (the "<u>Parties</u>") amends the Existing Agreement as of November 24, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Transfer Agency and Services Agreement between ALPS and the Fund dated August 13, 2008, as amended |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Fund Services, Inc., a subsidiary of SS&C |
| &nbsp;&nbsp;"Fund" | &nbsp;&nbsp;Heartland Group, Inc. |
| &nbsp;&nbsp;"Portfolios" | &nbsp;&nbsp; Heartland Value Fund<br> Heartland Value Plus Fund<br> Heartland Mid Cap Value Fund |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Article A and general terms in Article B.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Fund Services, Inc.** | **ALPS Fund Services, Inc.** | **Heartland Group, Inc.** | **Heartland Group, Inc.** |
| By: | /s/ Jessica B. Hart | By: | /s/ Vinita Paul |
| Name: | Jessica B. Hart | Name: | Vinita Paul |
| Title: | Authorized Signatory | Title: | Vice President, Chief Compliance Officer and General Counsel |

---

**Article A to this Amendment**

**Amendments**

The Existing Agreement is amended as follows:

1. A new paragraph is added at the end of Section 8 titled <u>Confidential and Proprietary Information</u>:

ALPS will promptly investigate material incidents of unauthorized access to a Customer Information system maintained by ALPS (a "<u>Reg S-P Data Breach</u>") and, unless prohibited by applicable Law or it would compromise ALPS' investigation, notify Fund as soon as reasonably practicable, but no later than 72 hours following any confirmed Reg S-P Data Breach to assist Fund to comply with its obligations under Regulation S-P, provided that notification by ALPS to Fund shall contain the information then available and further information, as it becomes available, shall subsequently be provided without undue delay. Fund is responsible for making notifications related to a Reg S-P Data Breach that are required by applicable Law. ALPS will work with Fund in good faith to effect such notifications. ALPS will seek to implement corrective action to respond to Reg S-P Data Breaches and prevent future occurrences, and will report to Fund the corrective actions. ALPS will reasonably cooperate with Fund in the event of any Government Authority inquiry related to or arising out of a Reg S-P Data Breach. For the purpose of this paragraph, "<u>Customer Information</u>" means information relating to Fund investors and prospective investors that ALPS may obtain from time to time and process in connection with the services provided by ALPS under the Existing Agreement; "<u>Regulation S-P</u>" means the set of privacy rules adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003; and "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

**Article B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions
of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice,
or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with
the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes
all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect
thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures
so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or
its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same
jurisdiction as the Existing Agreement.

Page 2 of 2

## Ex-99.(H)(36)

**<u>Exhibit (h.36)</u>**

**AMENDMENT TWELVE**

This amendment (the "<u>Amendment</u>") between the parties signing below (the "<u>Parties</u>") amends the Existing Agreement as of November 24, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Administration, Bookkeeping and Pricing Services Agreement between ALPS and the Fund dated August 13, 2008, as amended |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Fund Services, Inc., a subsidiary of SS&C |
| &nbsp;&nbsp;"Fund" | &nbsp;&nbsp;Heartland Group, Inc. |
| &nbsp;&nbsp;"Portfolios" | &nbsp;&nbsp; Heartland Value Fund<br> Heartland Value Plus Fund<br> Heartland Mid Cap Value Fund |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Article A and general terms in Article B.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Fund Services, Inc.** | **ALPS Fund Services, Inc.** | **Heartland Group, Inc.** | **Heartland Group, Inc.** |
| By: | /s/ Jessica B. Hart | By: | /s/ Vinita Paul |
| Name: | Jessica B. Hart | Name: | Vinita Paul |
| Title: | Authorized Signatory | Title: | Vice President, Chief Compliance Officer and General Counsel |

---

**Article A to this Amendment**

**Amendments**

The Existing Agreement is amended as follows:

1. A new paragraph is added at the end of Section 8 titled <u>Confidential and Proprietary Information</u>:

ALPS will promptly investigate material incidents of unauthorized access to a Customer Information system maintained by ALPS (a "<u>Reg S-P Data Breach</u>") and, unless prohibited by applicable Law or it would compromise ALPS' investigation, notify Fund as soon as reasonably practicable, but no later than 72 hours following any confirmed Reg S-P Data Breach to assist Fund to comply with its obligations under Regulation S-P, provided that notification by ALPS to Fund shall contain the information then available and further information, as it becomes available, shall subsequently be provided without undue delay. Fund is responsible for making notifications related to a Reg S-P Data Breach that are required by applicable Law. ALPS will work with Fund in good faith to effect such notifications. ALPS will seek to implement corrective action to respond to Reg S-P Data Breaches and prevent future occurrences, and will report to Fund the corrective actions. ALPS will reasonably cooperate with Fund in the event of any Government Authority inquiry related to or arising out of a Reg S-P Data Breach. For the purpose of this paragraph, "<u>Customer Information</u>" means information relating to Fund investors and prospective investors that ALPS may obtain from time to time and process in connection with the services provided by ALPS under the Existing Agreement; "<u>Regulation S-P</u>" means the set of privacy rules adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003; and "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

**Article B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions
of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice,
or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with
the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes
all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect
thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures
so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or
its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same
jurisdiction as the Existing Agreement.

Page 2 of 2

## Ex-99.(H)(41)

**<u>Exhibit (h.41)</u>**

**HEARTLAND GROUP, INC.**

**AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT**

**with**

**HEARTLAND ADVISORS, INC.**

**THIS AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT** (the "Agreement") is entered into effective March 11, 2026 (the "Effective Date"), by and between Heartland Group, Inc. (the "Fund Company"), a Maryland corporation, on behalf of the series of the Fund Company listed in Schedule A hereto, as may be amended from time to time (the "Fund"), and the investment advisor to the Fund, Heartland Advisors, Inc. (the "Advisor"), a Wisconsin corporation.

WITNESSETH:

**WHEREAS,** the Advisor renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Fund Company and the Advisor dated as of April 5, 2022 (the "Investment Advisory Agreement"),

**WHEREAS,** the Fund, and each of its classes, if any, are responsible for, and have assumed the obligation for, payment of certain expenses pursuant to the Investment Advisory Agreement that have not been assumed by the Advisor,

**WHEREAS,** the Advisor desires to limit the Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Fund Company (on behalf of the Fund) desires to allow the Advisor to implement those limits, and

**WHEREAS,** this Agreement amends and restates the prior operating expense limitation agreement between the Advisor and the Fund Company on behalf of the Fund.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. LIMIT ON OPERATING EXPENSES.** The Advisor hereby agrees to limit the Fund's current Operating Expenses to an annual rate on a per class basis, expressed as a percentage of the Fund's average annual net assets, listed in Schedule A (the "Annual Limit"). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed the Annual Limit, the Advisor will pay to each class of the Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess payment is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITION.** For purposes of this Agreement, the term "Operating Expenses" with respect to each class of the Fund is defined to include all expenses necessary or appropriate for the operation of the Fund and each of its classes, if any, including the Advisor's management fee detailed in the Investment Advisory Agreement and any Rule l2b-l fees and other expenses described in the Investment Advisory Agreement or in the Fund Company's Rule l2b-l Plan and Agreement, but does not include any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expense on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. TERM.** This Agreement shall remain effective with respect to the Fund as of the Effective Date and shall continue for an additional period ending on April 5, 2028, unless sooner terminated by either of the parties hereto in accordance with Paragraph 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. AMENDMENT; TERMINATION.** This Agreement may not be amended except by a written agreement executed by both parties. This Agreement may not be terminated by the Advisor without the consent of the Board of Directors of the Fund Company. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. ASSIGNMENT.** This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin without giving effect to the conflicts of laws principles thereof, provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **HEARTLAND GROUP, INC.** | **HEARTLAND GROUP, INC.** | **HEARTLAND ADVISORS, INC.** | **HEARTLAND ADVISORS, INC.** |
| on behalf of its series listed on Schedule A | on behalf of its series listed on Schedule A |  |  |
| By: | /s/ William R. Nasgovitz | By: | /s/ Nicole J. Best |
| Name: | William R. Nasgovitz | Name: | Nicole J. Best |
| Title: | Chief Executive Officer | Title: | SVP, CFO & CAO |
| Date: | March 11, 2026 | Date: | March 11, 2026 |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series and Class of Heartland Group, Inc.** | &nbsp;&nbsp;**Operating Expense Limitation as<br> a Percentage of Average Daily Net<br> Assets** |
| &nbsp;&nbsp;Heartland Mid Cap Value Fund – Investor Class | &nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Heartland Mid Cap Value Fund – Institutional Class | &nbsp;&nbsp;0.85% |

---

## Ex-99.(J)

**Exhibit (j)**

![](tm262596d1_ex99-xjimg01.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 17, 2026, relating to the financial statements and financial highlights of Heartland Mid Cap Value Fund, Heartland Value Plus Fund, and Heartland Value Fund, each a series of Heartland Group, Inc, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Management", "Investment Advisory and Other Services", and "Financial Statements" in the Statement of Additional Information.

*/s/ Cohen & Company, Ltd.*

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 28, 2026

![](tm262596d1_ex99-xjimg02.jpg)

## Ex-99.(P)(1)

**<u>Exhibit (p.1)</u>**

**BUSINESS**

**CONDUCT RULES**

**FOR**

**HEARTLAND GROUP, INC.**

**AND**

**HEARTLAND ADVISORS, INC.**

**(Effective April 1, 2026)**

***Act in the best interest of our investors - earn their confidence with every action***

**Table of Contents**

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| | | |
|:---|:---|:---|
| **BUSINESS CONDUCT RULES** | **BUSINESS CONDUCT RULES** | **5** |
| I. | Introduction | 5 |
| II. | Administration and Enforcement | 6 |

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A. Notices 6

B. Interpretation 6

C. Compliance as Condition of Employment and Disciplinary Sanctions 6

D. Compliance Monitoring and the Business Conduct Committee 7

1. Authority 7

2. Special Discretion 7

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| | | |
|:---|:---|:---|
| III. | Definitions | 7 |
| **CODE OF ETHICS** | **CODE OF ETHICS** | **8** |

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I. Introduction 8

II. Board Reporting 8

III. Record Retention 9

A. Retention of Code 9

B. Record of Violations and Exceptions 9

C. Forms and Reports 9

D. List of Heartland Persons 9

E. Director Reports 9

F. Approval of Limited Offerings 9

G. Transaction Records 10

IV. Definitions 10

A. Access Person 10

B. Control 10

C. Covered Securities 10

D. Federal Securities Laws 11

E. Heartland Person 11

F. Investment Person 11

G. Limited Offering 11

H. Independent Directors 11

I. Personal Transactions 12

J. Private Investment Partnerships 12

V. General Trading Guidelines 12

VI. Restrictions On Personal Transactions 12

A. Investments In Small Companies Prohibited 12

B. Initial Public Offerings of Equity Securities Prohibited 13

C. Pre-Clearance Requirement 13

D. Black-Out Periods 14

1. Access Persons 14

2. Investment Persons 15

3. Exceptions to Black-Out Rules 15

E. Ban on Short-Term Trading Profits 16

F. Limited Offerings (Private Placements and Private Investment Partnerships) 16

G. Trading With Clients or Funds Prohibited 16

VII. Exempt Transactions 17

A. Non-discretionary Transactions 17

B. Exchange-Traded Funds and Exchange-Traded Vehicles 17

C. Non-volitional Transactions 17

D. Automatic Investment Plans 17

E. Rights Issuances 17

VIII. Reporting and Disclosure Requirements of Access Persons 17

A. Initial and Quarterly Reports 18

1. Quarterly/Initial Certification and Disclosure 18

2. Access Person Quarterly Statements 18

B. Access Person Confirmations and Statements 19

C. Investment Person Disclosure of Material Interests 19

D. Reporting by Independent Directors 19

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| | | |
|:---|:---|:---|
| **GIFT POLICY** | **GIFT POLICY** | **20** |
| I. | Introduction | 20 |
| II. | Policy | 20 |

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A. Making of Gifts 20

B. Acceptance of Gifts 20

C. Customary Business Amenities 21

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| | | |
|:---|:---|:---|
| III. | Gift Reporting | 21 |
| **FOREIGN CORRUPT PRACTICES ACT COMPLIANCE POLICY** | **FOREIGN CORRUPT PRACTICES ACT COMPLIANCE POLICY** | **21** |
| **OUTSIDE ACTIVITIES POLICY** | **OUTSIDE ACTIVITIES POLICY** | **22** |
| I. | Outside Employment | 22 |
| II. | Service as a Director of a Public Company | 22 |
| III. | Relative in Securities Business | 23 |
| **POLICY AGAINST INSIDER TRADING** | **POLICY AGAINST INSIDER TRADING** | **23** |
| I. | Summary of Heartland's Policy Against Insider Trading | 23 |

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A. General Prohibition 23

B. What is Material? 23

C. What is Nonpublic? 23

D. How Does a Heartland Person's Duty not to use the Information Arise? 24

E. What to do if you Receive Material, Nonpublic Information 24

F. The Effect of the Restricted List 24

G. Violations 24

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| | | |
|:---|:---|:---|
| II. | Procedures to Prevent Insider Trading | 25 |
| **Section 1.1** | **Section 1.1** | **25** |

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A. General Prohibition 25

1. Materiality 25

2. Nonpublic 26

3. Information Obtained through Misappropriation 28

B. Insider Trading Prohibitions Specifically Related to Tender Offers 29

C. Insider Trading Prohibitions Specifically Related to Mutual Funds 29

D. Advice as to Guidelines 29

E. Application 29

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| | |
|:---|:---|
| **Section 1.2** | **30** |

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A. Specific Procedures 30

1. Nondisclosure 30

2. Access to Files 30

3. Segregated Files 30

4. The Restricted List 30

5. Portfolio Holdings 31

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| | |
|:---|:---|
| **Section 1.3** | **31** |

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A. Violations 31

**BUSINESS CONDUCT RULES**

**I.** **Introduction** 

These Business Conduct Rules (the "Rules" or the "Code") have been adopted by Heartland Advisors, Inc. and its affiliates, including Heartland Holdings, Inc. (collectively referred to herein as "Heartland Advisors") and Heartland Group, Inc., a registered investment company (referred to herein as "Heartland Group" or the "Heartland Funds"). The Rules shall govern the conduct of all Heartland Persons (as hereafter defined) in furtherance of general business, fiduciary, and legal principles and to satisfy certain regulatory requirements discussed below. Heartland Advisors and Heartland Group shall be collectively referred to herein as "Heartland".

Although Heartland believes that personal investment and other activities by Heartland Persons should not be prohibited or discouraged, the nature of Heartland Advisors' fiduciary obligations to the Heartland Funds, to each series of any other registered investment company advised or subadvised by Heartland Advisors (where Heartland Advisors serves as adviser or subadviser with respect to all investment decisions made on behalf of such series) and to each investment portfolio containing a segregated portion of the assets of any series of any other registered investment company advised or subadvised by Heartland Advisors (where Heartland Advisors acts as the adviser or subadviser only with respect to the investment decisions involving the assets which comprise such segregated investment portfolio) (collectively referred to herein as "Mutual Funds"), to Heartland Advisors' separate account clients ("Clients"), and to the shareholders of the Mutual Funds necessarily requires certain disclosures with respect to, and results in some restrictions on, the activities of Heartland Persons. These Rules are designed to reflect the following principles that must guide the personal conduct of all Heartland Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 conducting business activities on behalf of Heartland, Heartland Persons must, at all times,
 (1) act with integrity, competence and dignity, adhere to the highest ethical standards,
 and deal fairly with and act in the best interests of the Mutual Funds and Clients; (2) comply
 with applicable Federal Securities Laws (as defined herein); (3) promptly disclose to
 the Compliance Officer any circumstances that create an actual or potential conflict with
 the interests of the Mutual Funds or Clients (4); promptly disclose to the Compliance Officer
 any violations of the Federal Securities Laws (as defined herein) or failures to comply with
 Heartland policies and procedures; and (5) promptly report to the Compliance Officer
 any violation of these Rules and Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Personal Transactions of Access Persons in Covered Securities (as these terms are hereafter
 defined) must be conducted in a manner consistent with these Rules, so as to avoid any actual
 or potential conflicts of interest with the investment activities undertaken for clients
 with respect to which Heartland Advisors has investment discretion, including the Mutual
 Funds and Clients, and to avoid any abuse of position of trust and responsibility with respect
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Heartland Person shall take inappropriate advantage of his or her position with or on behalf
 of Heartland or as an investment industry professional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· At
 no time may any Heartland Person engage in any conduct or activity that operates or would
 operate as a fraud or deceit on Heartland, the Mutual Funds, Clients, or shareholders of
 the Mutual Funds, engage in any fraudulent or manipulative practice with respect to personal
 trading activities or make any untrue statement or fail to make a statement, that in light
 of the circumstances could mislead Heartland, the Mutual Funds, Clients, or shareholders
 of the Mutual Funds in a material way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Heartland Person shall recommend for purchase or sale, or otherwise discuss the appropriateness
 of trading, any Covered Security to any other person, except as permitted or required in
 the normal course of his duties on behalf of Heartland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Heartland Person shall reveal to any other person (except as permitted or required in the
 normal course of his duties on behalf of Heartland) any information that is confidential
 or proprietary to Heartland, including, but not limited to, information regarding investment
 transactions made or being considered, or Covered Securities researched or traded, by or
 on behalf of any of the Mutual Funds or Clients, or any non-public portfolio holding information
 of any Mutual Funds or Clients.

Any violation of the Rules, or the principles described herein, may be cause for disciplinary action up to and including termination of employment. Other disciplinary actions may include warnings, periods of "probation" during which personal investment activities are curtailed or prohibited, reversal of Personal Transactions, disgorgement of profits, and fines. Technical compliance with the Rules will not automatically insulate from scrutiny conduct that appears to indicate a pattern of abuse of an individual's legal or fiduciary duties.

**II.** **Administration and Enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Notices** 

At least annually and after every amendment, the Compliance Officer will provide all Heartland Persons with a copy of the Code, which includes the Insider Trading Policy, either by electronic notice or in paper. The Compliance Officer is also responsible for notifying Access Persons of their status and obligations under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Interpretation** 

Questions regarding the interpretation of any provision of the Rules shall be directed to the Chief Compliance Officer of Heartland Advisors ("Compliance Officer"), who shall be responsible for the enforcement of the Rules. The Compliance Officer has the authority to make exceptions to the Rules if he or she believes such exceptions are in line with the underlying principles of the Rules and the requirements set forth in Section II.D.2 are satisfied. In some cases, approval of the Committee (as defined herein) may be required for a particular exception, as set forth under Section II.D.1, below. All material exceptions will be reported to the Heartland Group Directors, as defined herein.

The Compliance Officer or any other person named in the Rules may appoint one or more designees to carry out his or her functions pursuant to the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Compliance as Condition of Employment and Disciplinary Sanctions** 

Compliance with these Rules is a condition of employment for each Heartland Person. All Heartland Persons are required to certify annually that they have read, understand and have complied with the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Compliance Monitoring and the Business Conduct Committee** 

The Compliance Officer shall review all reports provided by Heartland Persons as required under the Rules to ascertain compliance therewith. The Compliance Officer shall institute any procedures necessary to monitor the adequacy of such reports and to otherwise prevent violations of the Rules.

The Compliance Officer shall meet periodically with the Heartland Business Conduct Committee ("Committee"). The purpose of the Committee is to facilitate monitoring of compliance with the requirements and procedures contained in the Rules and to consider interpretive and remedial action in administration and enforcement of the Rules.

The Committee consists of not less than three members, including the Compliance Officer of Heartland Advisors who shall serve as the Chair of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Authority** 

Subject to oversight by the Committee, the Compliance Officer shall administer, interpret, and enforce the Rules on an ongoing basis. In general, any interpretations or exceptions made and any remedial actions taken under the Rules by the Compliance Officer shall be reported to, but need not be approved by, the Committee. However, the Compliance Officer shall consult with legal counsel or consult with the Committee prior to imposing any material remedial actions , such as material restrictions or bans on personal trading activities, or termination of employment. In addition, the Compliance Officer, in his or her sole discretion, may defer action and request the review and approval of the Committee for any proposed exception or interpretation to be made or remedial action to be taken under the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Special Discretion** 

In exercising their discretion to make exceptions to any provision of the Rules, the Compliance Officer and/or the Committee shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 determination is made that the application of the provision is not legally required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 likelihood of any abuse of the Rules caused as a result of the exception is remote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 terms or conditions upon which any exemption is granted is evidenced in a written instrument;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 written record of the exception is made and retained by the Compliance Officer.

**III.** **Definitions** 

For definitions of capitalized terms used in the Rules, please refer to the Definitions section of the Code of Ethics.

**CODE OF ETHICS**

**I.** **Introduction** 

Rule 17j-1 (the "IC Rule") under the Investment Company Act of 1940, as amended (the "IC Act") requires that an investment company, as well as its investment adviser and principal underwriter, adopt a written code of ethics containing provisions reasonably necessary to prevent their Access Persons from engaging in any fraudulent or unlawful personal trading activity. The IC Rule further requires an investment company to disclose in its registration statement certain information about its code of ethics and to file a copy as an exhibit thereto.

Rule 204A-1 (the "IA Rule") under the Investment Advisers Act of 1940, as amended (the "IA Act") requires each investment adviser registered with the Securities and Exchange Commission to adopt a written code of ethics containing provisions reasonably necessary to reflect an adviser's fiduciary obligations to its clients and to ensure its Access Persons comply with applicable Federal Securities Laws (as defined herein). In addition, Rules 204A-1 and 204-2 under the IA Act require investment advisers to keep certain records, which must be available for inspection by representatives of the Securities and Exchange Commission ("SEC"), regarding personal investment activities of advisory personnel.

The Board of Directors of Heartland Group ("Heartland Group Directors"), including a majority of the Directors who are not "interested persons" of Heartland Group (the "Independent Directors"), must approve the Code on an annual basis, and approve any material change to the Code within six months after adoption of such material change. The Heartland Group Directors must base their approval of the Code, and any material changes to the Code, on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the provisions of the IC Rule. Before approving the Code and any amendment to the Code, the Heartland Group Directors must receive a certification from Heartland Group and Heartland Advisors that each has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**II.** **Board Reporting** 

The Compliance Officer shall present the following reports to the Heartland Group Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not
 less frequently than quarterly, a written report identifying any issues arising under the
 Code or related procedures, including, but not limited to, any material or recurring violations
 of the Code or Heartland's related procedures detected since the last such report with
 a description of the nature of the violation, the person or persons involved, and the remedial
 action taken. All material violations shall be designated as such in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not
 less frequently than quarterly, a written report identifying any material changes to the
 Code adopted since the last such report. Any such changes must be approved by the Heartland
 Group Directors, including a majority of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not
 less frequently than annually, a written report including a certification by an officer of
 Heartland Advisors and Heartland Group that the procedures are reasonably designed to prevent
 Access Persons from violating the Code and proposals for any recommended changes in existing
 restrictions or procedures deemed necessary based on Heartland's expertise, evolving
 industry practices, or developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Heartland Group Directors shall consider any issues presented by the Business Conduct Committee
 and/or the Compliance Officer as well as the certification reports described above, examining
 them carefully and determining whether any action (including amendment of the Code) is necessary.

**III.** **Record Retention** 

Heartland Advisors shall maintain at its principal place of business on its own behalf and on the behalf of Heartland Group, the following records. Each record shall be preserved for a period of not less than five years from the end of the calendar year in which the event requiring the record to be made occurred, the first two years in an easily accessible place, or as shall otherwise be required under applicable law and regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Retention of Code** 

A copy of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Record of Violations and Exceptions** 

A record of any exception to the Code made by the Compliance Officer and/or the Business Conduct Committee as permitted by Section II.D and a record of any violation of this Code, and of any action taken as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Forms and Reports** 

A copy of each report made by an Access Person under this Code, including related certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **List of Heartland Persons** 

A list of all Heartland Persons who are, or have been, required to make reports under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Director Reports** 

A copy of each report presented to the Heartland Group Directors under Section II of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Approval of Limited Offerings** 

A copy of each pre-approval of a Limited Offering, including the reasons supporting the pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Transaction Records** 

A written record of every transaction in a Covered Security required to be reported by an Access Person under the Code containing the title and amount of the Covered Security involved, the date and nature of the transaction, the price at which the transaction was effected, and the name of the broker, dealer, or bank with or through whom the transaction was effected. This record may be satisfied by a trade confirmation, account statement, or other written report or electronic feed received no later than thirty days after the calendar quarter in which the transaction occurred.

**IV.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Access Person** 

"Access Person" shall mean (i) any director or officer of Heartland, (ii) any employee of Heartland (or of any company in a Control relationship with Heartland) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities on behalf of the Mutual Funds or Clients, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (iii) any natural person in a Control relationship to Heartland who obtains information concerning purchase and sale recommendations made to any of the Mutual Funds or Clients with regard to Covered Securities or non-public information regarding the portfolio holdings of any mutual fund Client of Heartland Advisors. Access Person also includes any other person designated by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Control** 

"Control" shall have the same meaning as in Section 2(a)(9) of the IC Act. In general, it means the power to exercise a controlling influence over the management and policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Covered Securities** 

"Covered Security" shall mean any security within the meaning of Section 2(a)(36) of the IC Act, such as common stocks, preferred stocks, closed-end investment companies, options on securities, debt securities and derivative instruments, including futures contracts, and options on futures contracts, relating to any stock, bond or index. Covered Securities shall also include Limited Offerings (i.e., limited partnership interests and private placement common or preferred stocks or debt instruments), shares of the Mutual Funds, shares of Exchange Traded Funds (ETFs) or other exchange traded vehicles, and municipal securities.

Covered Securities do not include (i) direct obligations of the U.S. Government; (ii) bankers acceptances, bank certificates of deposit, commercial paper, repurchase agreements or other high quality short-term debt instruments; (iii) shares of money market funds, or shares of open-end investment companies for which Heartland Advisors does not serve as investment adviser or subadviser or, where Heartland Advisors serves as an adviser or subadviser to a series (or any portion thereof) of any open-end investment company, all other series of such investment company for which Heartland Advisors does not so serve; (iv) options/futures based on broad based indices, interest rates, Standard & Poors Depository Receipts, U.S. Treasury instruments, commodities, or currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Federal Securities Laws** 

"Federal Securities Laws" shall have the same meaning as in Rule 204A-1(e)(4) of the IA Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Heartland Person** 

"Heartland Person" shall mean any employee, officer, director, or general partner of Heartland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Investment Person** 

"Investment Person" shall mean any employee, officer, or director of Heartland Advisors who in connection with his or her regular functions or duties makes or participates in making recommendations regarding the purchase or sale of Covered Securities and any natural person who is a Control person of Heartland Advisors who obtains information concerning such recommendations. Investment Person also includes any other person designated by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Limited Offering** 

A "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933. These include, for example, private placements, interests in privately held companies, interests in companies that hold or operate real estate and Private Investment Partnerships. Interests in family partnerships or family limited liability companies shall also be considered a Limited Offering for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Independent Directors** 

"Independent Director" shall mean a director of Heartland Group who is not an "interested person" of Heartland Group within the meaning of Section 2(a)(19) of the IC Act. Independent Directors are also Heartland Persons and Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Personal Transactions** 

"Personal Transactions" shall mean transactions in Covered Securities in which a Heartland Person has direct or indirect "beneficial ownership" within the meaning of the term as used in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Personal Transactions shall include transactions for: (i) a person's own account; (ii) an account owned jointly with another person; (iii) an account in the person's name as a guardian, executor or trustee; (iv) an account in which such person, his spouse, or his minor child residing in his household has a direct or indirect interest; (v) an account of any other relative (e.g., parents, in-laws, adult children, brothers, sisters, etc.) whose investments the person directs or controls whether or not the relative resides with the person, and (vi) an account of any other person, partnership, corporation, trust, custodian, or other entity if, by reason of contract or formal or informal understanding or arrangement, the person has a direct or indirect pecuniary interest in such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Private Investment Partnerships** 

A "Private Investment Partnership" means a hedge fund, private investment fund or other collective investment vehicle that holds securities, commodities or other investment assets, or otherwise would meet the definition of an "investment company" as defined in Section 3 of the IC Act but for the exemption in Section 3(c)(1) or 3(c)(7). Private Investment Partnership does not include an entity that solely holds real estate (whether industrial/commercial property or residential/family property.)

**V.** **General Trading Guidelines** 

All Access Persons are prohibited from taking personal advantage of their knowledge of recent or impending securities activities for the Mutual Funds or Clients. In accordance with Heartland's Policy Against Insider Trading, Access Persons are generally prohibited from purchasing or selling any security while in the possession of material nonpublic information about the issuer of the security, and from communicating to third parties any such material nonpublic information. Access Persons are further prohibited from using or disclosing any nonpublic information relating to the Mutual Funds or Clients, or any nonpublic information relating to the business or operations of Heartland, unless properly authorized to do so.

When purchasing, exchanging, or redeeming shares of an open-end investment company, including the Mutual Funds, Access Persons must comply in all respects with the policies and procedures set forth in the most current prospectus and statement of additional information for such open-end investment company.

Access Persons are discouraged from engaging in a pattern of securities transactions in any Covered Security that is excessively frequent so as to potentially (i) impact the ability to carry out his or her assigned duties or (ii) increase the possibility of an actual or apparent conflict of interest.

**VI.** **Restrictions On Personal Transactions** 

The provisions of Section VI shall apply to the Personal Transactions of all Access Persons, except Access Persons who are Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investments In Small Companies Prohibited** 

Except for sales that qualify as "exempt" transactions under Section VII hereof and transactions in closed-end investment companies, the Mutual Funds, exchange traded funds or other exchange traded vehicles or Limited Offerings, no Investment Person or Access Person may effect a Personal Transaction in a Covered Security whose market capitalization is less than $2 billion.

Access Persons, including Investment Persons, subject to this restriction shall be permitted to sell any such investment if the investment was (i) owned and reported to the Compliance Officer at the time he or she became an Access Person, (ii) acquired other than by purchase (e.g., inheritance, spin-off, etc.), or (iii) was not subject to the limit at the time of purchase. However, any such sales shall be subject to the pre-clearance and reporting provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial Public Offerings of Equity Securities Prohibited** 

All Access Persons are prohibited from purchasing equity securities in initial public offerings ("IPOs"). Further, all Access Persons are prohibited from using the facilities of Heartland Advisors to secure an IPO, directly or indirectly, for any non-client or to indirectly (that is, in circumvention of any procedures established from time to time by Heartland Advisors for allocation of IPOs among the Mutual Funds and Clients) secure an IPO for any Clients or the Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance Requirement** 

Unless the transaction is exempt as provided in Section VII hereof, every Personal Transaction in a Covered Security, including transactions in private placement securities and other Limited Offerings, by an Access Person must be pre-approved by the Compliance Officer. Pre- clearance shall be obtained by using the Personal Trade Request Form as made available by the Compliance Officer from time to time.

Pre-approval and pre-clearance for a Transaction in a Covered Security other than shares of the Mutual Funds, private placement securities and other Limited Offerings shall be good for three business days (not inclusive of the day on which approval is granted) if no Heartland Clients, including the Mutual Funds, currently hold the security for which pre-approval is granted and for one business day (not inclusive of the day on which approval is granted) if any Heartland Clients, including the Mutual Funds, currently hold the security for which pre-approval is granted. Pre-approval and pre-clearance for a Transaction in shares of the Mutual Funds shall be good for ten business days (not inclusive of the day on which approval is granted) or as otherwise determined by the Compliance Officer. Pre-approval and pre-clearance for a Transaction in a private placement security or other Limited Offering shall be valid for the time period determined by the Compliance Officer. An order that is not executed within these times must be re-submitted for pre-approval and pre-clearance or an extension to the time period included in the original approval must be provided by the Compliance Officer. Such extensions are reported by the Compliance Officer to the Independent Directors on a regular basis.

After receiving a completed Personal Trade Request Form from an Access Person, for a transaction in a Covered Security other than the Mutual Funds, private placement securities or Limited Offerings, the Compliance Officer shall obtain the following approvals before pre-clearing the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **For all trades**: One trader and all portfolio managers

In approving, traders are asked to review to ensure there are no pending orders for the Covered Security on the trading desk and portfolio managers are asked to identify if they anticipate trading activity for the Mutual Funds or Clients in the Covered Security within the next 15 days. If one manager is unavailable, another manager may approve on his behalf if he is reasonably certain the security is not under consideration for investment for any of the Mutual Funds or Clients with respect to which the absent portfolio manager has investment discretion.

A portfolio manager may not pre-approve his own transaction in any circumstance, including when approving a transaction on behalf of an absent portfolio manager.

For transactions in the Mutual Funds, private placement securities and Limited Offerings, other than transactions exempt under Section VII, the Access Person must submit a completed Personal Trade Request Form and obtain pre-approval and pre-clearance from the Compliance Officer.

The Compliance Officer shall implement appropriate procedures to monitor personal investment activity by the Access Persons after preclearance has been granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Black-Out Periods** 

The black-out periods set forth below shall apply solely to the individual security in question and not to the issuer generally. Black-out periods shall be determined exclusive of the day on which transactions of the Mutual Funds or Clients are effected or being considered. In the event of a violation of these provisions, if the violation results from a transaction that can be reversed prior to settlement, such transaction shall be reversed with any costs being borne by the Access Person. If reversal is not practical or possible, then the security shall be sold and any profit realized from the transaction, net of commissions, shall be disgorged to a charity selected by the Business Conduct Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Access Persons** 

Unless the transaction is exempt under this Code, no Access Person may execute a Personal Transaction (i) within 14 calendar days *after* a trade is executed on behalf of any of the Mutual Funds or Clients, or (ii) when the Covered Security is being considered for purchase or sale on behalf of any of the Mutual Funds or any Clients. Any purchases or sales of any Covered Security by an Access Person within seven (7) days *before* a Client or Mutual Fund purchases or sells the same Covered Security may be subject to review on a case-by-case basis for purposes of determining whether a violation of this Code has or may have occurred.

Note: A security is "being considered for purchase or sale" when a recommendation to purchase or sell such security has been made and communicated by an investment analyst, in the course of his normal business duties, to any Portfolio Manager responsible for making investment decisions on behalf of the Mutual Funds or Clients, and such recommendation is under active consideration by any Portfolio Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Investment Persons** 

In addition to the restrictions listed in Section VI D.1 above, if an Investment Person sells a Covered Security (other than shares of the Mutual Funds) within the 14 calendar days before any discretionary trade for the Mutual Funds or Client accounts, the Investment Person shall be required to disgorge any benefit, which shall be determined by comparing the sale price received by the Investment Person to the average sale price received by the Mutual Funds or Clients who traded in the same security. For the avoidance of doubt, a sale by an Investment Person resulting in a loss may still result in a disgorgement if the price received by the Investment Person in such 14-calendar day period is better than the price received by the Mutual Funds or Clients. Any disgorged amounts shall be sent to a non-profit organization identified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exceptions to Black-Out Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Highly Liquid Securities** 

Personal Transactions in stocks (and in convertible preferred stocks convertible into such common stocks) of companies with market capitalizations of $15 billion or more at the time of purchase or sale shall not be subject to the black-out periods set forth above. These stocks are believed to be sufficiently liquid and actively traded such that Personal Transactions or transactions undertaken for Clients or the Mutual Funds are unlikely to have any significant impact on the market price of such stocks. However, because options and other derivatives may involve leverage that magnifies the effect of even small price changes in the underlying stock, Personal Transactions in options and other derivatives remain subject to such blackout periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The Mutual Funds** 

Personal Transactions in shares of the Mutual Funds shall not be subject to the black-out periods set forth above. When purchasing, exchanging, or redeeming shares of a Mutual Fund, Access Persons must comply in all respects with the policies and standards set forth in the then current prospectus, including restrictions on short-term trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Ban on Short-Term Trading Profits** 

Access Persons are prohibited from profiting in the purchase and sale, or the sale and purchase, of the same (or equivalent) Covered Securities within 30 calendar days (the 30 day ban applies irrespective of when an Access Person first purchased securities of the issuer). However, in the event that (i) the effect of a transaction is to substitute an equity derivative position in a security with a comparable number of shares of the underlying security, or vice versa, (ii) the substitution transactions occur within the same trading day, and (iii) the value of the substituted position increases and decreases relative to increases and decreases in the value of the original derivative or underlying security position, then, the transactions implementing the substitution shall be permitted. Exceptions to the 30-day ban may be granted for hardship on a case-by-case basis by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Limited Offerings (Private Placements and Private Investment Partnerships)** 

Any purchase or sale of a Limited Offering by an Access Person shall be subject to the prior written approval of the Compliance Officer. In approving the purchase or sale of a Limited Offering, consideration shall be given to whether the investment should be reserved for the Mutual Funds or Clients, and whether such opportunity is being offered to such Access Person by virtue of his or her position with the Mutual Funds or Clients.

Furthermore, no Access Person may have a 5% or more ownership interest in a Limited Offering except real estate or family entities (whether operating or non-operating). If an Access Person's ownership interest becomes 5% or more because of a non-volitional act, the Access Person must immediately notify the Compliance Officer.

If and after an authorization to acquire a Limited Offering has been obtained, the Access Person must disclose such personal investment whenever any subsequent consideration by the Mutual Funds or any other Clients for investment in that issuer arises.

If a Heartland Fund decides to purchase securities of an issuer, the shares of which have been previously obtained for personal investment by an Access Person in a Limited Offering, that decision shall be subject to an independent review by an Investment Person with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Trading With Clients or Funds Prohibited** 

All Access Persons are prohibited from, directly or indirectly, purchasing any Covered Security from, or selling any Covered Security to, a Client or any of the Mutual Funds.

**VII.** **Exempt Transactions** 

The following transactions shall be exempt from the pre-clearance requirements and other provisions of Section VI hereof, but the reporting and disclosure requirements of Section VIII hereof shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Non-discretionary Transactions** 

Purchases or sales effected in any account over which an Access Person has no direct or indirect influence or control, or in any account of the Access Person which is managed on a discretionary basis by a person: (a) unrelated to the Access Person; (b) whom the Access Person does not, in fact, influence or control; and (c) with whom the Access Person does not confer or otherwise participate in connection with the purchase and sale of securities in the account.

Note: Any registered investment adviser retained by an Access Person shall be pre-approved by the Compliance Officer before the Access Person may rely upon this exemption. For this purpose, transactions effected under a power of attorney or a brokerage account agreement are not eligible for this exemption unless they contain an express delegation of investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exchange-Traded Funds and Exchange-Traded Vehicles** 

Purchases or sales of exchange-traded funds (ETFs) and other pooled exchange-traded vehicles and options or futures on ETFs or on other pooled exchange-traded vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Non-volitional Transactions** 

Purchases or sales that are non-volitional on the part of the Access Person, including mergers, recapitalizations or similar transactions. Non-volitional transactions also include gifts of a Covered Security to an Access Person over which the Access Person has no control of the timing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Automatic Investment Plans** 

A program in which regular periodic purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including an issuer's automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Rights Issuances** 

Purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**VIII.** **Reporting and Disclosure Requirements of Access Persons** 

The initial and quarterly reporting requirements of this Section A through C shall not apply to Independent Directors except as provided by Section VIII.D.

No Report made under this section shall be construed as an admission by the reporting person that he or she has any direct or indirect beneficial ownership in the reportable items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial and Quarterly Reports** 

No later than 10 calendar days after commencement of employment, and no later than 10 calendar days following each calendar quarter end thereafter, each Access Person must complete the following reports, which contain information current as of a date no more than 45 days prior to the date the person became an access person or the date a quarterly report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Quarterly/Initial Certification and Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each
 Access Person is required to complete and return to the Compliance Officer the Quarterly/Initial
 Certification and Disclosure acknowledging that he or she has read, understands and has complied
 with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are required to disclose to the Compliance Officer (i) all securities and commodities
 accounts maintained by the Access Person in which any securities are held, and the name of
 the broker, dealer or bank with whom the Access Person maintains the account and (ii) all
 personal holdings in Covered Securities (including the title, number of shares and principal
 amount) in which the Access Person had any direct or indirect "beneficial ownership"
 on the Quarterly/Initial Certification and Disclosure. With respect to accounts established
 during the quarter, the Access Person must report the name of the broker, dealer or bank
 and the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Access Person Quarterly Statements** 

Every Access Person shall submit Quarterly Statements to the Compliance Officer that discloses the information set forth below with respect to all Personal Transactions and all securities and commodities accounts that Personal Transactions are conducted in during the quarter. From time to time, the Compliance Officer may request Quarterly Statements be provided for other personal financial accounts that may be deemed subject to the Code. Every Quarterly Statement shall be submitted not later than 30 calendar days after the end of each calendar quarter.

Access Persons need not submit Quarterly Statements if the report would duplicate information contained in broker trade confirmations or account statements received by the Compliance Officer within the prescribed time periods or information previously reported under the Code. Upon prior approval by the Compliance Officer, Access Persons need not submit Quarterly Statements for employer offered retirement accounts, which do not hold Covered Securities or the Mutual Funds. Employer offered retirement accounts for Access Persons that hold the Mutual Funds are separately reported to the Compliance Officer.

The Quarterly Statements shall contain the following information for each reportable transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, the interest rate and maturity date, the number of shares and the principal amount
 of the security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Access Person Confirmations and Statements** 

All Access Persons maintaining securities or commodities accounts shall direct their brokers to furnish the Compliance Officer on a timely basis, duplicate copies of all confirmations and account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Investment Person Disclosure of Material Interests** 

If an Investment Person wishes to invest or make a recommendation to invest in a security for any of the Mutual Funds or Clients, and such person currently owns greater than 5% of the outstanding shares of the security, such person must first confirm such interest to the Compliance Officer and the Chief Executive Officer of Heartland Advisors and obtain their consent. The Compliance Officer and the Chief Executive Officer may only grant consent if the Investment Person has no material interest in the security. A material interest includes, but is not limited to, offices, directorships, significant contracts, or interests or relationships that are likely to affect the Investment Person's judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting by Independent Directors** 

An Independent Director shall report a non-exempt Personal Transaction in Covered Securities to the Compliance Officer within 30 calendar days of the end of the calendar quarter in which such transaction was effected if, at the time such transaction was effected, the Independent Director knew or, in the ordinary course of fulfilling his or her official duties as a director of Heartland Group, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Independent Director, the security is or was purchased or sold by a Heartland Fund or was considered for purchase or sale.

In addition, Independent Directors shall annually report in the Directors and Officers Questionnaire to the Compliance Officer any 5% or more voting interest in any entity (including any public company, business trust or partnership).

**GIFT POLICY**

**I.** **Introduction** 

Gifts may only be given (or accepted) if they are in accordance with normally accepted business practices and do not raise any question of impropriety. A question of impropriety may be raised if a gift influences or gives the appearance of influencing the recipient. The following outlines Heartland's policy on giving and receiving gifts to help Heartland maintain those standards and is applicable to all Heartland Persons (other than Independent Directors).

**II.** **Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Making of Gifts** 

Heartland Persons and members of their immediate family may not make any gift, series of gifts, or other thing of value, including cash, loans, personal services, or special discounts ("Gifts") in excess of $300 per year, without advance approval from the Chief Compliance Officer or his/her designee, to any of the Mutual Funds or Clients, any one person or entity that does or seeks to do business with or on behalf of Heartland or any of the Mutual Funds or Clients, or any company held by any of the Mutual Funds or Clients or their management (collectively referred to herein as "Business Relationships").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Acceptance of Gifts** 

Heartland Persons and members of their immediate family may not accept any Gift of material value from any single Business Relationship. A Gift will be considered material in value if it influences or gives the appearance of influencing the recipient. In the event the aggregate fair market value of all Gifts received from any single Business Relationship is estimated to exceed $300 in any 12-month period, the Access Person must immediately notify the Compliance Officer.

If the Gift is from any person, entity or person affiliated with an entity that is a member of the Financial Industry Regulatory Authority ("FINRA") that does business with or on behalf of Heartland, or is made in connection with the sale or distribution of registered investment company or variable contract securities, the aggregate fair market value of all such Gifts received by you from any single Business Relationship may never exceed $300 in any 12-month period.

Occasionally, Heartland employees are invited to attend or participate in conferences, tour a company's facilities, or meet with representatives of a company. Such invitations may involve traveling and may require overnight lodging. Generally, all travel and lodging expenses provided in connection with such activities must be paid for by Heartland. However, if appropriate, and with prior approval from your manager, you may accept travel related amenities if the costs are considered insubstantial and are not readily ascertainable.

The solicitation of a Gift is prohibited (i.e., you may not request a Gift, such as tickets to a sporting event, be given to you).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Customary Business Amenities** 

Customary business amenities are not considered Gifts so long as such amenities are business related (e.g., if you are accepting tickets to a sporting event, the offerer must go with you), reasonable in cost, appropriate as to time and place, and neither so frequent nor so costly as to raise any question of impropriety. Customary business amenities which you and, if appropriate, your guests, may accept (or give) include an occasional meal, a ticket to a sporting event or the theater, green fees, an invitation to a reception or cocktail party, or comparable entertainment. Events involving brokers who regularly trade securities on behalf of the Mutual Funds or Clients may be subject to additional restrictions based on guidance provided by the Compliance Officer.

**III.** **Gift Reporting** 

All Gifts shall be reported to the Compliance Officer within fourteen calendar days of acceptance or making such Gifts on a Gift Disclosure Report.

**FOREIGN CORRUPT PRACTICES ACT COMPLIANCE POLICY**

The Foreign Corrupt Practices Act of 1977, as amended (FCPA), and other related regulations, prohibit Heartland Persons from making any payment (including giving a gift) to a foreign government official for purposes of obtaining or retaining business. The FCPA applies to Heartland everywhere in the world. The FCPA applies to every Heartland Person even if he or she is not a U.S. citizen.

A violation of the FCPA occurs when something of value is given to a foreign government official for the purpose of obtaining or retaining business or gaining an "unfair advantage" (for example, obtaining favorable tax treatment). A violation of the FCPA can also occur when something of value is given through an agent or intermediary, with knowledge that the thing of value will be used to obtain or retain business or direct business to someone else. Under the FCPA, "knowing" can include situations where the circumstances make it likely that an illegal payment will occur, even if the Heartland Person did not actually know the payment would be made.

No Heartland Person may make any payment to a foreign government official that is connected in any way, directly or indirectly, to the business of Heartland.

If a Heartland Person discovers that a payment was made by such individual or on such individual's behalf, or if such individual has engaged in any activity in violation of this policy, such Heartland Person shall immediately provide written notice of such payment to the Chief Compliance Officer. Violations will be taken seriously and may result in disciplinary action, as well as regulatory action. Regulatory actions against FCPA violators may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Criminal
 actions, including large fines and possible imprisonment (for individuals)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Civil
 actions, including large fines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 governmental action, including being barred from doing business with the US government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private
 cause of action, including possible Racketeer Influenced and Corrupt Organizations Act (RICO)
 charges and damages

In addition, many foreign countries have rules and regulations restricting gifts to people who are employed by the government of that country. Heartland intends to fully comply with all of those rules and regulations.

The FCPA also requires Heartland to take reasonable steps to assure intermediaries retained or engaged by it to help Heartland obtain foreign business do not engage in conduct prohibited under the FCPA. Heartland presently has no intention of retaining or engaging any such intermediaries.

Bribery is unacceptable. It is imperative that each and every person who does business with Heartland understands that Heartland Persons will not, under any circumstances, give or accept bribes or kickbacks.

**OUTSIDE ACTIVITIES POLICY**

Any Heartland Person who proposes to engage in Outside Employment or Service as a Director of a Public Company may do so on the Outside Activities Request Form.

**I.** **Outside Employment** 

No Heartland Person (other than Independent Directors) shall accept employment or compensation as a result of any business activity (other than a passive investment), outside the scope of his or her employment with Heartland unless such person has received prior written approval of such employment or compensation from the Compliance Officer.

**II.** **Service as a Director of a Public Company** 

No Heartland Person (other than Independent Directors) shall serve on a board of directors of a public company or other for profit entity without the prior written approval of the Compliance Officer and the Chief Executive Officer of Heartland Advisors. In approving a request, a determination shall be made that the board service would not be inconsistent with the interests of the Mutual Funds or Clients. Any such approval shall be subject to any procedures the Compliance Officer deems appropriate to prevent the misuse of material non-public information that may be acquired through board service, and other procedures or investment restrictions that may be required to prevent actual or potential conflicts of interest. These procedures shall, at a minimum, require that such person is isolated from investment decisions with respect to securities issued by such company.

Any Independent Director who serves on a board of directors of a public company or other for profit entity must provide written notification to the Compliance Officer of Heartland Advisors at the time such service begins.

**III.** **Relative in Securities Business** 

Heartland Persons (other than Independent Directors) are required to immediately disclose to the Compliance Officer any spouse, other family member, or anyone residing within such person's household who is employed in the securities or commodity industry.

**POLICY AGAINST INSIDER TRADING**

**I.** **Summary of Heartland's Policy Against Insider Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Prohibition** 

Any Heartland Person who becomes aware of material nonpublic information should not (without first discussing with Heartland's General Counsel and Compliance Officer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade
 for a personal or client's account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recommend
 transactions in the security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose
 (tip) the information to others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What is Material?** 

Information is material if it has market significance – information a reasonable investor would want to know before making an investment decision. Examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings
 estimates, changes in dividends, stock splits and other financial projections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major
 new discoveries or advances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions,
 mergers and tender offers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of substantial assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 write-downs or additions to reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What is Nonpublic?** 

Information that is not widely available or disseminated. You should be able to point to a public source for public information – newspaper, press release, etc. Examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 available to a select group of analysts or institutional investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undisclosed
 facts that are the subject of rumors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 given on a confidential basis until it is made public and enough time has elapsed for the
 market to respond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **How Does a Heartland Person's Duty not to use the Information Arise?** 

Any Heartland Person who obtains material nonpublic information is subject to the prohibitions described in section I. A. above. The information must be reported to the General Counsel and Compliance Officer who will consider the source of the information and the complex legal duties surrounding the information. These decisions are only to be made in consultation with the General Counsel and Compliance Officer, who may also consult with Heartland's outside counsel. Some of the considerations that result in a Heartland Person having a duty with respect to the information are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 obtained from a Heartland affiliate defined as any company where we hold 5% or more of the
 outstanding shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 obtained with the expectation that it will be kept on a confidential basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 obtained through breach of someone's fiduciary duty – this could be the case
 in our business where a corporate officer of an issuer, or an advisor to a company, has a
 duty not to disclose the information and they wind up disclosing it either selectively to
 a small group of analysts or institutional investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 obtained through misappropriation – obtained the information for a proper purpose but
 used it for a contrary purpose (how lawyers, investment bankers, printers, etc. get
 caught)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 information relating to a tender offer or potential tender offer is subject to even stricter
 rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **What to do if you Receive Material, Nonpublic Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do
 not trade, recommend or tip based on the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report
 the information to the General Counsel and Compliance Officer so the security can be placed
 on Heartland Advisors' Restricted List, if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 materials or correspondence relating to the information may be segregated from the files
 and held by the General Counsel and Compliance Officer as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **The Effect of the Restricted List** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Heartland Person may trade the securities, including options and warrants, for his or her
 own account, family accounts or other personal accounts over which he or she exercises discretion
 or influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Heartland Person may trade the securities, including options and warrants, for any of the
 Mutual Funds or Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Violations** 

Violations of this policy, or any other disclosure of material, nonpublic information, must be reported to the General Counsel and Compliance Officer immediately. Violations will be taken seriously and may result in disciplinary action, as well as serious regulatory or legal action, including fines and jail time.

Remember: Any alleged insider trading will be viewed with 20/20 hindsight, which often makes information and timing difficult to explain away!

**II.** **Procedures to Prevent Insider Trading** 

The Insider Trading Securities Fraud Enforcement Act of 1988 includes a variety of provisions to deter, detect and punish insider trading violations. The penalties for violations of the law are severe. The law imposes civil penalties of up to three times the profit gained or loss avoided as a result of an unlawful purchase or sale or communication of inside information, plus disgorgement of the profit. The law also imposes a special responsibility on broker-dealers and investment advisers to establish written supervisory procedures that are reasonably designed to prevent the misuse of material, nonpublic information by the broker-dealer, investment adviser or any person associated with them. While the applicability of insider trading theories to mutual funds is unsettled law, trading in Mutual Funds may be restricted in certain circumstances.

The following sections describe the procedures that will be followed by Heartland to prevent and detect insider trading violations. Any questions regarding these procedures should be brought to the attention of the General Counsel and Compliance Officer.

**Section 1.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Prohibition** 

A Heartland Person who becomes aware of material information that has not been disclosed generally to the marketplace should not, without first discussing the matter with the General Counsel and Compliance Officer, trade in (purchase or sell) the securities of the company to which the information relates, either on behalf of a Heartland Advisors Client or for his or her own or related account, recommend transactions in such securities, or disclose that information (tip) to others. The General Counsel and Compliance Officer will consult with Heartland's outside counsel, if necessary. These restrictions apply if such information has been acquired improperly or, though acquired properly, has been obtained in circumstances in which there is a reasonable expectation that it will not be used for trading purposes, or where the information relates to a tender offer and came from a tender offer participant.

In particular, no Heartland Person should trade, tip or recommend the securities of any issuer having obtained material, nonpublic information on a confidential basis, from an insider in breach of his or her duty, or through "misappropriation." On the other hand, there is no prohibition against using information obtained legitimately through one's own analyses or appropriate investigative efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Materiality** 

Information is "material" if it has market significance; this is, if its public dissemination is likely to affect the market value of securities, or if it is otherwise information that a reasonable investor would want to know before making an investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. While it is impossible to list all
 types of information which might be deemed material under particular circumstances, information
 dealing with the following subjects is often found to be material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings
 estimates and other financial projections

· Dividends

· Major
 new discoveries or advances in research

· Acquisitions,
 including mergers and tender offers

· Sales
 of substantial assets

· Changes
 in debt ratings

· Significant
 write-downs of assets or additions to reserves for bad debt or contingent liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On the other hand, information is generally
 not material if its public dissemination would not have a market impact, or if the information
 would not likely influence a reasonable investor making an investment decision. Since such
 judgments may ultimately be challenged with the benefit of hindsight, and the consequences
 of a wrong decision are potentially severe, a Heartland Person should contact the General
 Counsel and Compliance Officer, who may consult with Heartland's outside counsel, for
 advice as to whether particular information is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Nonpublic** 

Information that has not been disclosed to the public generally is "nonpublic."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To demonstrate that certain information
 is public, a Heartland Person should be able to point to some fact showing that it is widely
 available. Information would generally be deemed widely available if it has been disclosed,
 for example, in the broad tape, Wall Street Journal, or widely circulated public disclosure
 documents, such as prospectuses, annual reports or proxy statements. Nonpublic information
 may include (i) information available to a select group of analysts or brokers or institutional
 investors, (ii) undisclosed facts which are the subject of rumors, even if the rumors
 are widely circulated, and (iii) information that has been imparted on a confidential
 basis, unless and until the information is made public and enough time has elapsed for the
 market to respond to a public announcement of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Information from Affiliates</u>.
 Use of "insider" information obtained from an affiliate of Heartland Advisors
 could subject both Heartland Advisors and the affiliate to penalties for insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Information Obtained on a Confidential Basis</u>. When a Heartland Person obtains information from a source with the expectation
 that he or she will keep such information confidential, the Heartland Person is prohibited
 from using that information to trade, tip or recommend securities and such confidential information
 may not be given to affiliates of Heartland. The expectation of confidentiality may be either
 explicitly set forth or implied by the nature of the Heartland Person's relationship
 with the source of the information.

Heartland Persons who are directors and/or officers of a publicly traded company must not trade in their own account based upon nonpublic information obtained in a director and/or officer capacity. Further, no such person may order, direct or influence any trade in such a security for a Heartland Advisors Client account or for a Mutual Fund. All such decisions for Client accounts or managed funds must be made solely by a Heartland Person who is not an officer or director of the subject company. The Heartland Person making the investment decision may not discuss the subject company with the officer or director or otherwise communicate with such person regarding the investment decision. In addition, prior to making a trade in such a security, the Heartland Person should consult the General Counsel and Compliance Officer, who will confirm with the director or officer that he or she is not is possession of material, nonpublic information obtained in a director and/or officer capacity which would require the subject company to be placed on Heartland Advisor's Restricted List. Alternatively, with respect to Client accounts, Heartland Advisors may return discretionary control over a client's holdings in the publicly traded company to the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Information Obtained through a Breach of Fiduciary Duty</u>. Even in the absence of an expectation of confidentiality, Heartland
 Persons are prohibited from trading, tipping or recommending securities on the basis of material,
 nonpublic information disclosed by an insider in breach of fiduciary or similar duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *The "Personal Benefit" Test*. Whether an insider breaches his or her fiduciary duty by disclosing information is not always an easy determination to make and depends in large part on the purpose of the disclosure. If the insider may benefit personally from the disclosure, it is improper to use that information to recommend or trade securities. A "personal benefit" test will be present if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 insider receives a pecuniary or reputational benefit by disclosing the information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· He
 or she makes a "gift" by disclosing the information to a friend or relative,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There
 is an expected payment, exchange or other quid pro quo on the part of the insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Controlling Person Liability*. Even though an insider may not benefit personally from use of insider information, if a controlling person of the insider benefits from the insider's action, substantial penalties can be imposed upon the controlling person. Depending upon the circumstances, the term "controlling person" could apply to Heartland Advisors itself, its officers and directors, managers and affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Selective Disclosure*. Heartland Persons should be particularly sensitive to the possibility of a breach by an insider if highly material information is selectively disclosed to one person rather than to a large group of industry analysts or by a press release. In such cases, it is important to consider carefully the motivation of a source in disclosing the information and, in particular, consider whether there is any personal benefit to the source from the disclosure. Again, any questions should be referred to the General Counsel and Compliance Officer, who may consult with Heartland's outside counsel. Improper disclosures should be distinguished from the usual situation in which company officers routinely answer questions about previously issued press releases, earnings reports or regulatory filings, or otherwise help fill in gaps of investment analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. *Temporary Insiders*. Employees should be aware that for purposes of finding a breach by an "insider," the term "insider" is broadly defined to include not only typical insiders, such as officers and directors, but also "temporary insiders." "Temporary insiders" include, for example, investment bankers, accountants, lawyers, consultants or investment managers who have entered into a relationship with entity that gives them access to information solely for the entity's purposes. As with the "personal benefit" standard, the "temporary insider" standard is difficult to apply in some situations, and advice of counsel should be sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Information Obtained through Misappropriation** 

"Misappropriated" information is information that has been improperly obtained or, though obtained properly, is being used improperly for a purpose contrary to the purpose for which it was given. For example, if a printer, a commercial banker or a lawyer passes along to others material, nonpublic information entrusted to him or her by a client, misappropriation may have occurred. Thus, if such a person divulges the information to a person who knows of that relationship, and the person trades, tips or recommends the client's securities, liability as a "tippee" with respect to the misappropriated information may be found. No Heartland Person may trade, tip or recommend affected securities where he or she has reason to believe the information has been misappropriated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Insider Trading Prohibitions Specifically Related to Tender Offers** 

Under SEC Rule 14e-3, no person may trade, tip or recommend securities of a company that is a target of a tender offer if such person possesses material, nonpublic information regarding the tender offer, and that information was obtained, directly or indirectly, from certain sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This
 special prohibition dealing with tender offers applies regardless of the manner in which
 the information was obtained, whether by "misappropriation," breach of duty or
 otherwise. Such trading is unlawful where the trader has reason to believe that the information
 was obtained, directly or indirectly, from the bidder, the target or a person acting on behalf
 of the bidder or target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 rule applies to trading, tipping and recommendations even before a tender offer is made.
 It is enough that a "substantial step" to begin a tender offer has been taken.
 A substantial step includes, for example: (1) the formulation of a plan to make a tender
 offer, (2) arranging the financing for a tender offer, (3) preparation of tender
 offer materials, or (4) commencement of negotiations with dealers to participate in
 a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Insider Trading Prohibitions Specifically Related to Mutual Funds** 

The General Counsel and Compliance Officer and, if necessary, Heartland's outside counsel, may determine that in certain circumstances there is information known within Heartland regarding a Mutual Fund that could be deemed material nonpublic information. If such a determination is made, Heartland Persons will be prohibited from trading in the Mutual Fund until public disclosure of the material event has occurred or the information is no longer considered material. In all cases, Heartland Persons are prohibited from purchasing or selling Mutual Fund shares based on material, nonpublic information. To avoid any potential problems, Heartland Persons should always consult with the General Counsel and Compliance Officer before trading if they believe they have any material, nonpublic information with respect to the Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Advice as to Guidelines** 

Any question as to the applicability or interpretation of these guidelines or the propriety of any desired action must be discussed with the General Counsel and Compliance Officer and Heartland's outside counsel, prior to trading or disclosure of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Application** 

The restrictions on trading securities imposed by this Section 1.1 apply to anyone receiving material nonpublic information.

**Section 1.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Specific Procedures** 

The procedures in the following section are designed to prevent material nonpublic information that may have been obtained in confidence from being improperly disclosed or used. These procedures do not restrict the flow of public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Nondisclosure** 

Any Heartland Person who becomes aware of material nonpublic information may not trade the securities of the company to which the information relates, make any comment which could be viewed as a recommendation of such securities, or disclose the information to others, without first discussing the matter with the General Counsel and Compliance Officer. Further, any Heartland Person who acquires material nonpublic information on a confidential basis, from an insider in breach of his or her duty, or through "misappropriation," may not, as long as he or she possesses such material nonpublic information, trade the securities of the company to which the information relates, make any comment which could be viewed as a recommendation, or disclose the information to others, other than to report such fact to the General Counsel and Compliance Officer and to request that the issuer of the securities be placed on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Access to Files** 

Personnel from outside the firm, including employees of affiliates who are not also employees of Heartland Advisors, should not be allowed access to any Heartland Advisors corporate or client file without, in each case, specific permission from the General Counsel and Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Segregated Files** 

The General Counsel and Compliance Officer, or his or her designee, shall establish separate files to store correspondence and documents that are or may be considered confidential. No person shall be offered access to files unless that person has supplied the documents kept in the files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **The Restricted List** 

A Restricted List of securities shall be prepared by the General Counsel and Compliance Officer and, if necessary, in consultation with Heartland's outside counsel, and distributed, as necessary, to all Heartland Advisors employees. The list shall restrict trading activities with respect to the securities of issuers placed on the list. The list itself shall be confidential. When any Heartland Person obtains information believed to be material and nonpublic, he or she should report the particulars to the General Counsel and Compliance Officer so that the issuer of the securities may be placed on the Restricted List. Once the information becomes public or immaterial, the issuer may be removed from the Restricted List. As long as an issuer is on the Restricted List:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Heartland Advisors' employee
 may trade the securities, including options and warrants, for his or her own account, family
 account, or other personal accounts over which he or she exercises discretion or influence,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Heartland Advisors' employee
 may trade the securities, including options and warrants, for any Client's account
 (other than on an unsolicited basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Portfolio Holdings** 

Disclosure of a Mutual Fund's portfolio holdings shall only be made in accordance with that Mutual Fund's policies and procedures and as described in that Mutual Fund's Portfolio Holdings Disclosure Policy, prospectus and statement of additional information. Disclosure of a Heartland Advisors' composite portfolio holdings or sample account portfolio holdings shall only be made in accordance with Heartland Advisors' policies and procedures and as authorized by the Compliance Officer.

**Section 1.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Violations** 

Any violation of these procedures or any other disclosure or use of material nonpublic information should be reported to the General Counsel and Compliance Officer immediately. Violations may result in disciplinary action up to and including fines and/or termination.