# EDGAR Filing Document

**Accession Number:** 0000809586
**File Stem:** 0001398344-26-003445
**Filing Date:** 2026-2
**Character Count:** 163203
**Document Hash:** 39f2b247ca190316b6e76bcaf5c5a9e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003445.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001398344-26-003445

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04982
- **FILM NUMBER:** 26660358

**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'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File number: 811-04982

**Heartland Group, Inc.**

(Exact name of Registrant as specified in charter)

<u>790 North Water Street, Suite 1200, Milwaukee, WI</u> <u>53202</u> <br> (Address of principal executive offices) (Zip code)

Nicole J. Best

<u>Heartland Group, Inc., 790 North Water Street, Suite 1200, Milwaukee, WI 53202</u>

(Name and address of agent for service)

(With a copy to:)

Ellen Drought

<u>Godfrey & Kahn, S.C., 833 East Michigan Street, Suite 1800, Milwaukee, WI 53202-5615</u> 

Registrant's telephone number, including area code: <u>(414) 347-7777</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. **Reports to Stockholders.**

(a) **# HEARTLAND MID CAP VALUE FUND

#### INSTITUTIONAL CLASS : HNMDX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Mid Cap Value Fund - Institutional Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Mid-Cap-Value-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Mid Cap Value Fund - Institutional | $85 | 0.85% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Mid Cap Value Fund trailed the Russell Midcap<sup>®</sup> Value Index for the 12-month period ended December 31, 2025, a year in which lower-quality, speculative parts of the market continued to lead.

WHAT FACTORS INFLUENCED PERFORMANCE?

Stock selection was responsible for most of our underperformance last year, led by our Health Care and Consumer Discretionary names. The fact that our higher quality midcap holdings continued to lag junkier parts of the market contributed to our underperformance. So, too, did the fact that our portfolio is at the higher end of our historical "Quality Value" overweight.

Yet we continue to see opportunities in Quality, such as MarketAxess Holdings (MKTX), which owns and operates the largest e-trading platform in the U.S. for corporate bonds. Though MarketAxess pioneered electronic bond trading, peers launched new systems focused on portfolio trading (PT) rather than single-bond trading. The current CEO has led a multi-year initiative to invest in a competing PT product among other value-added tools. Trading data suggests MKTX is gaining share in key areas of the U.S. credit market.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $500,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $500,000 INVESTMENT
![Growth of 10K Chart](i0a3596304600ba2cb0f32ea0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Mid Cap Value Fund - Institutional | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index |
| 2015 | $500000 | $500000 | $500000 |
| 2016 | $644865 | $563675 | $599988 |
| 2017 | $698838 | $682783 | $680052 |
| 2018 | $640970 | $646993 | $596476 |
| 2019 | $804933 | $847684 | $757895 |
| 2020 | $862712 | $1024747 | $795522 |
| 2021 | $1107652 | $1287708 | $1020956 |
| 2022 | $1076852 | $1040379 | $898112 |
| 2023 | $1224620 | $1310428 | $1012299 |
| 2024 | $1271254 | $1622412 | $1144607 |
| 2025 | $1276120 | $1900581 | $1271075 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Mid Cap Value Fund | 1 Year | 5 Year | 10 Year |
| Mid Cap Value Fund - Institutional Class | 0.38% | 8.14% | 9.82% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$470,372,507

* # of Portfolio Holdings63

* Portfolio Turnover Rate 72%

* Net Advisory Fees Paid$3,429,108

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Teledyne Technologies, Inc. | 4.6% |
| Public Storage | 3.5% |
| EOG Resources, Inc. | 3.1% |
| Hershey Co. | 3.1% |
| Becton Dickinson & Co. | 3.1% |
| Exelon Corp. | 3.1% |
| Donaldson Co., Inc. | 3.0% |
| JB Hunt Transport Services, Inc. | 2.8% |
| FirstEnergy Corp. | 2.7% |
| PNC Financial Services Group, Inc. | 2.6% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](i89037c4cac2a757b3757f2e5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 0.9% |
| Materials | 5.3% |
| Energy | 6.4% |
| Real Estate | 6.7% |
| Consumer Discretionary | 7.8% |
| Utilities | 8.7% |
| Consumer Staples | 9.4% |
| Information Technology | 10.7% |
| Health Care | 11.3% |
| Financials | 13.6% |
| Industrials | 19.2% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](iaea861690153f6172474b339.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 99.1% |
| Cash, Cash Equivalents, & Other Net Assets | 0.9% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND MID CAP VALUE FUND - INSTITUTIONAL CLASS : HNMDX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422352799–A–12312025

# HEARTLAND MID CAP VALUE FUND

#### INVESTOR CLASS : HRMDX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Mid Cap Value Fund - Investor Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Mid-Cap-Value-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Mid Cap Value Fund - Investor | $110 | 1.10% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Mid Cap Value Fund trailed the Russell Midcap<sup>®</sup> Value Index for the 12-month period ended December 31, 2025, a year in which lower-quality, speculative parts of the market continued to lead.

WHAT FACTORS INFLUENCED PERFORMANCE?

Stock selection was responsible for most of our underperformance last year, led by our Health Care and Consumer Discretionary names. The fact that our higher quality midcap holdings continued to lag junkier parts of the market contributed to our underperformance. So, too, did the fact that our portfolio is at the higher end of our historical "Quality Value" overweight.

Yet we continue to see opportunities in Quality, such as MarketAxess Holdings (MKTX), which owns and operates the largest e-trading platform in the U.S. for corporate bonds. Though MarketAxess pioneered electronic bond trading, peers launched new systems focused on portfolio trading (PT) rather than single-bond trading. The current CEO has led a multi-year initiative to invest in a competing PT product among other value-added tools. Trading data suggests MKTX is gaining share in key areas of the U.S. credit market.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](id8d12410d2df06e65ada1bef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Mid Cap Value Fund - Investor | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index |
| 2015 | $10000 | $10000 | $10000 |
| 2016 | $12867 | $11274 | $12000 |
| 2017 | $13910 | $13656 | $13601 |
| 2018 | $12717 | $12940 | $11930 |
| 2019 | $15934 | $16954 | $15158 |
| 2020 | $17039 | $20495 | $15910 |
| 2021 | $21831 | $25754 | $20419 |
| 2022 | $21173 | $20808 | $17962 |
| 2023 | $24003 | $26209 | $20246 |
| 2024 | $24873 | $32448 | $22892 |
| 2025 | $24902 | $38012 | $25421 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Mid Cap Value Fund | 1 Year | 5 Year | 10 Year |
| Mid Cap Value Fund - Investor Class | 0.12% | 7.88% | 9.55% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$470,372,507

* # of Portfolio Holdings63

* Portfolio Turnover Rate 72%

* Net Advisory Fees Paid$3,429,108

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Teledyne Technologies, Inc. | 4.6% |
| Public Storage | 3.5% |
| EOG Resources, Inc. | 3.1% |
| Hershey Co. | 3.1% |
| Becton Dickinson & Co. | 3.1% |
| Exelon Corp. | 3.1% |
| Donaldson Co., Inc. | 3.0% |
| JB Hunt Transport Services, Inc. | 2.8% |
| FirstEnergy Corp. | 2.7% |
| PNC Financial Services Group, Inc. | 2.6% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](i89037c4cac2a757b3757f2e5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 0.9% |
| Materials | 5.3% |
| Energy | 6.4% |
| Real Estate | 6.7% |
| Consumer Discretionary | 7.8% |
| Utilities | 8.7% |
| Consumer Staples | 9.4% |
| Information Technology | 10.7% |
| Health Care | 11.3% |
| Financials | 13.6% |
| Industrials | 19.2% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](iaea861690153f6172474b339.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 99.1% |
| Cash, Cash Equivalents, & Other Net Assets | 0.9% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND MID CAP VALUE FUND - INVESTOR CLASS : HRMDX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422352815–A–12312025

# HEARTLAND VALUE FUND

#### INSTITUTIONAL CLASS : HNTVX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Value Fund - Institutional Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Value-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Value Fund - Institutional | $100 | 0.94% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Heartland Value Fund outpaced the Russell 2000<sup>®</sup> Value Index for the 12-month period ended December 31, 2025, as investor interest in small stocks began to grow in the latter half of the year.

WHAT FACTORS INFLUENCED PERFORMANCE?

Stock selection drove most of the Fund's outperformance in 2025, led by Energy and Information Technology. Selection detracted in Health Care, largely due to positions we did not own. Biotech companies in the benchmark soared in October and November, showing that speculation persists. However, we don't have direct exposure to this group, as many are profitless.

Though our opportunity set is widening as the market broadens, we're mindful of being disciplined. Our 10 Principles of Value Investing™ require us to make decisions based on fundamental factors, such as valuations, financial soundness, and positive earnings dynamics. Our process also monitors exposures across sectors, industries, factors, and other risk considerations. By doing so, we aim to capitalize on dislocations in the market.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $500,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $500,000 INVESTMENT
![Growth of 10K Chart](if877aaf57aea8a70ab049c71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Value Fund - Institutional | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| 2015 | $500000 | $500000 | $500000 |
| 2016 | $582591 | $563675 | $658704 |
| 2017 | $632620 | $682783 | $710333 |
| 2018 | $556815 | $646993 | $618956 |
| 2019 | $657796 | $847684 | $757565 |
| 2020 | $745337 | $1024747 | $792672 |
| 2021 | $909001 | $1287708 | $1016764 |
| 2022 | $818943 | $1040379 | $869502 |
| 2023 | $960685 | $1310428 | $996916 |
| 2024 | $1113263 | $1622412 | $1077147 |
| 2025 | $1293261 | $1900581 | $1212809 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Value Fund | 1 Year | 5 Year | 10 Year |
| Value Fund - Institutional Class | 16.17% | 11.65% | 9.97% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$887,048,625

* # of Portfolio Holdings102

* Portfolio Turnover Rate 44%

* Net Advisory Fees Paid$5,946,142

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Lincoln Educational Services Corp. | 3.5% |
| Centerra Gold, Inc. | 3.1% |
| Texas Capital Bancshares, Inc. | 2.8% |
| Eldorado Gold Corp. | 2.4% |
| Capital City Bank Group, Inc. | 2.4% |
| Silicon Motion Technology Corp. (ADR) | 2.1% |
| Viper Energy, Inc. | 2.0% |
| Barrett Business Services, Inc. | 1.8% |
| BSR Real Estate Investment Trust | 1.8% |
| Encore Capital Group, Inc. | 1.7% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](iae1623b5666806c763353332.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 1.5% |
| Communication Services | 0.8% |
| Utilities | 3.7% |
| Consumer Staples | 4.4% |
| Energy | 4.4% |
| Health Care | 6.5% |
| Information Technology | 7.4% |
| Real Estate | 7.9% |
| Materials | 9.3% |
| Consumer Discretionary | 12.7% |
| Industrials | 15.3% |
| Financials | 26.1% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](ia922b9ef1bda9f8145048537.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 98.5% |
| Cash, Cash Equivalents, & Other Net Assets | 1.5% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND VALUE FUND - INSTITUTIONAL CLASS : HNTVX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422352831–A–12312025

# HEARTLAND VALUE FUND

#### INVESTOR CLASS : HRTVX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Value Fund - Investor Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Value-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Value Fund - Investor | $116 | 1.09% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Heartland Value Fund outpaced the Russell 2000<sup>®</sup> Value Index for the 12-month period ended December 31, 2025, as investor interest in small stocks began to grow in the latter half of the year.

WHAT FACTORS INFLUENCED PERFORMANCE?

Stock selection drove most of the Fund's outperformance in 2025, led by Energy and Information Technology. Selection detracted in Health Care, largely due to positions we did not own. Biotech companies in the benchmark soared in October and November, showing that speculation persists. However, we don't have direct exposure to this group, as many are profitless.

Though our opportunity set is widening as the market broadens, we're mindful of being disciplined. Our 10 Principles of Value Investing™ require us to make decisions based on fundamental factors, such as valuations, financial soundness, and positive earnings dynamics. Our process also monitors exposures across sectors, industries, factors, and other risk considerations. By doing so, we aim to capitalize on dislocations in the market.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i6a6c8f5570859c648c9ad4d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Value Fund - Investor | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| 2015 | $10000 | $10000 | $10000 |
| 2016 | $11631 | $11274 | $13174 |
| 2017 | $12611 | $13656 | $14207 |
| 2018 | $11079 | $12940 | $12379 |
| 2019 | $13068 | $16954 | $15151 |
| 2020 | $14784 | $20495 | $15853 |
| 2021 | $18008 | $25754 | $20335 |
| 2022 | $16208 | $20808 | $17390 |
| 2023 | $18985 | $26209 | $19938 |
| 2024 | $21962 | $32448 | $21543 |
| 2025 | $25473 | $38012 | $24256 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Value Fund | 1 Year | 5 Year | 10 Year |
| Value Fund - Investor Class | 15.98% | 11.49% | 9.80% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$887,048,625

* # of Portfolio Holdings102

* Portfolio Turnover Rate 44%

* Net Advisory Fees Paid$5,946,142

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Lincoln Educational Services Corp. | 3.5% |
| Centerra Gold, Inc. | 3.1% |
| Texas Capital Bancshares, Inc. | 2.8% |
| Eldorado Gold Corp. | 2.4% |
| Capital City Bank Group, Inc. | 2.4% |
| Silicon Motion Technology Corp. (ADR) | 2.1% |
| Viper Energy, Inc. | 2.0% |
| Barrett Business Services, Inc. | 1.8% |
| BSR Real Estate Investment Trust | 1.8% |
| Encore Capital Group, Inc. | 1.7% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](iae1623b5666806c763353332.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 1.5% |
| Communication Services | 0.8% |
| Utilities | 3.7% |
| Consumer Staples | 4.4% |
| Energy | 4.4% |
| Health Care | 6.5% |
| Information Technology | 7.4% |
| Real Estate | 7.9% |
| Materials | 9.3% |
| Consumer Discretionary | 12.7% |
| Industrials | 15.3% |
| Financials | 26.1% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](ia922b9ef1bda9f8145048537.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 98.5% |
| Cash, Cash Equivalents, & Other Net Assets | 1.5% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND VALUE FUND - INVESTOR CLASS : HRTVX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422359109–A–12312025

# HEARTLAND VALUE PLUS FUND

#### INSTITUTIONAL CLASS : HNVIX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Value Plus Fund - Institutional Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Value-Plus-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Value Plus Fund - Institutional | $103 | 0.99% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Heartland Value Plus Fund lagged the Russell 2000<sup>®</sup> Value Index in the 12-month period ended December 31, 2025, a year driven largely by speculation, particularly surrounding AI.

WHAT FACTORS INFLUENCED PERFORMANCE?

Most of our underperformance was explained by stock selection, especially in the Health Care, Consumer Staples, and Consumer Discretionary sectors. But our negative selection effect in Health Care was largely driven by stocks we didn't own. Health Care is roughly 10% of our benchmark, and a good portion of that comes from biotech, which enjoyed big gains in 2025. We don't have direct exposure to this group, as many small-cap biotechs are profitless.

Toward the end of the year, we were encouraged by positive signs for stocks that touch consumers. One of our top contributors last year was Lamar Advertising (LAMR), a leading out-of-home advertising company. LAMR recently provided a solid Q3 report and very favorable outlook, which was confirmed by management's active buyback program and ongoing dividend increases.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $500,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $500,000 INVESTMENT
![Growth of 10K Chart](i693e6ff9ba34d081dd447192.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Value Plus Fund - Institutional | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| 2015 | $500000 | $500000 | $500000 |
| 2016 | $634445 | $563675 | $658704 |
| 2017 | $698347 | $682783 | $710333 |
| 2018 | $607891 | $646993 | $618956 |
| 2019 | $767729 | $847684 | $757565 |
| 2020 | $867002 | $1024747 | $792672 |
| 2021 | $1084732 | $1287708 | $1016764 |
| 2022 | $1033184 | $1040379 | $869502 |
| 2023 | $1055026 | $1310428 | $996916 |
| 2024 | $1054836 | $1622412 | $1077147 |
| 2025 | $1068539 | $1900581 | $1212809 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Value Plus Fund | 1 Year | 5 Year | 10 Year |
| Value Plus Fund - Institutional Class | 1.30% | 4.27% | 7.89% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$285,249,891

* # of Portfolio Holdings54

* Portfolio Turnover Rate 67%

* Net Advisory Fees Paid$1,963,265

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Stifel Financial Corp. | 3.5% |
| FNB Corp. | 3.4% |
| FB Financial Corp. | 3.4% |
| Seacoast Banking Corp. of Florida | 3.4% |
| Lamar Advertising Co. (Class A) | 3.2% |
| Associated Banc-Corp | 3.2% |
| Envista Holdings Corp. | 3.0% |
| Camden Property Trust | 2.8% |
| Royalty Pharma PLC (Class A) | 2.7% |
| The Hanover Insurance Group, Inc. | 2.6% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](ia063713b24b13019f74194b9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 0.1% |
| Consumer Staples | 1.8% |
| Utilities | 3.5% |
| Materials | 5.3% |
| Energy | 6.5% |
| Real Estate | 8.5% |
| Information Technology | 9.2% |
| Health Care | 11.1% |
| Consumer Discretionary | 12.0% |
| Industrials | 15.2% |
| Financials | 26.8% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](ibba75b325570d18f0c89a433.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 99.9% |
| Cash, Cash Equivalents, & Other Net Assets | 0.1% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND VALUE PLUS FUND - INSTITUTIONAL CLASS : HNVIX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422352849–A–12312025

# HEARTLAND VALUE PLUS FUND

#### INVESTOR CLASS : HRVIX

#### Annual Tailored Shareholder Report - December 31, 2025
![Image](ief164e80330ba0c22aada2e1.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Heartland Value Plus Fund - Investor Class for the period from January 1, 2025 to December 31, 2025.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Value-Plus-Fund. You can also request this information by contacting us at 800-432-7856 or by email at [shareholderservices@heartlandfunds.com](mailto:shareholderservices@heartlandfunds.com).

## WHAT WERE THE FUND'S COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Heartland Value Plus Fund - Investor | $127 | 1.22% |

---

## HOW DID THE FUND PERFORM THIS PERIOD?
The Heartland Value Plus Fund lagged the Russell 2000<sup>®</sup> Value Index in the 12-month period ended December 31, 2025, a year driven largely by speculation, particularly surrounding AI.

WHAT FACTORS INFLUENCED PERFORMANCE?

Most of our underperformance was explained by stock selection, especially in the Health Care, Consumer Staples, and Consumer Discretionary sectors. But our negative selection effect in Health Care was largely driven by stocks we didn't own. Health Care is roughly 10% of our benchmark, and a good portion of that comes from biotech, which enjoyed big gains in 2025. We don't have direct exposure to this group, as many small-cap biotechs are profitless.

Toward the end of the year, we were encouraged by positive signs for stocks that touch consumers. One of our top contributors last year was Lamar Advertising (LAMR), a leading out-of-home advertising company. LAMR recently provided a solid Q3 report and very favorable outlook, which was confirmed by management's active buyback program and ongoing dividend increases.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The graph represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years.

### TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i3b52636baff0533b5f829ce0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Heartland Value Plus Fund - Investor | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index |
| 2015 | $10000 | $10000 | $10000 |
| 2016 | $12677 | $11274 | $13174 |
| 2017 | $13920 | $13656 | $14207 |
| 2018 | $12093 | $12940 | $12379 |
| 2019 | $15239 | $16954 | $15151 |
| 2020 | $17165 | $20495 | $15853 |
| 2021 | $21430 | $25754 | $20335 |
| 2022 | $20368 | $20808 | $17390 |
| 2023 | $20740 | $26209 | $19938 |
| 2024 | $20677 | $32448 | $21543 |
| 2025 | $20897 | $38012 | $24256 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Heartland Value Plus Fund | 1 Year | 5 Year | 10 Year |
| Value Plus Fund - Investor Class | 1.06% | 4.01% | 7.65% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

### FUND STATISTICS
* Total Net Assets$285,249,891

* # of Portfolio Holdings54

* Portfolio Turnover Rate 67%

* Net Advisory Fees Paid$1,963,265

![Image](i0ea016b4560e3f1092a8b973.jpg)

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

## WHAT DID THE FUND INVEST IN? (as of December 31, 2025)

### TOP TEN HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Stifel Financial Corp. | 3.5% |
| FNB Corp. | 3.4% |
| FB Financial Corp. | 3.4% |
| Seacoast Banking Corp. of Florida | 3.4% |
| Lamar Advertising Co. (Class A) | 3.2% |
| Associated Banc-Corp | 3.2% |
| Envista Holdings Corp. | 3.0% |
| Camden Property Trust | 2.8% |
| Royalty Pharma PLC (Class A) | 2.7% |
| The Hanover Insurance Group, Inc. | 2.6% |

---

### SECTOR WEIGHTINGS

### (% of Net Assets)
![Group By Sector Chart](ia063713b24b13019f74194b9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, Cash Equivalents, & Other Net Assets | 0.1% |
| Consumer Staples | 1.8% |
| Utilities | 3.5% |
| Materials | 5.3% |
| Energy | 6.5% |
| Real Estate | 8.5% |
| Information Technology | 9.2% |
| Health Care | 11.1% |
| Consumer Discretionary | 12.0% |
| Industrials | 15.2% |
| Financials | 26.8% |

---

### ASSET CLASS WEIGHTINGS

### (% of Net Assets)
![Group By Asset Type Chart](ibba75b325570d18f0c89a433.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 99.9% |
| Cash, Cash Equivalents, & Other Net Assets | 0.1% |

---

#### AVAILABILITY OF ADDITIONAL INFORMATION
You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

![Image](i82e6f50ac8352f8558ca736b.jpg)

#### HEARTLAND VALUE PLUS FUND - INVESTOR CLASS : HRVIX

#### Annual Tailored Shareholder Report - December 31, 2025
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources](ia079da8b2e2f2ffa2ad14e79.jpg)

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc

#### Website: www.heartlandadvisors.com

#### Phone: 800-432-7856
422352500–A–12312025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by the report, there were no amendments to the provisions of the code of ethics
 adopted in Item 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by the report, no implicit or explicit waivers were made with respect to the provisions
 of the code of ethics adopted in Item 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The registrant's code of ethics is attached as Exhibit 19(a)(1) hereto.

Item 3. **Audit Committee Financial Expert.**

(a)(1) The Registrant's board of directors has determined that the Registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is Dale J. Kent, who is "independent" for purposes of this Item 3 of Form N-CSR.

Item 4. **Principal Accountant Fees and Services.**

The principal accounting fees disclosed below in items 4(a) through 4(d) and 4(g) ("Fees") for the current fiscal year represent those Fees contractually agreed to between the Registrant and principal accountant. However, such Fees could be increased due to overages not anticipated at the time of the engagement by the principal account and/or the Registrant. Any changes to the prior fiscal year's Fees, if any, are a result of such overages not applied to the Registrant until after the filing deadline imposed by Form N-CSR.

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements on behalf of the Funds were $61,300 for the fiscal year ended December 31, 2025 and
 $58,950 for the fiscal year ended December 31, 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under
 paragraph (a) of this Item on behalf of the Funds were $0 for the fiscal year ended December 31, 2025 and $0 for the fiscal year ended
 December 31, 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed to the Registrant for professional services rendered by the principal accountant
 for tax compliance, tax advice and tax planning on behalf of the Funds were $15,000 for the fiscal year ended December 31, 2025 and $14,400
 for the fiscal year ended December 31, 2024.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item on behalf of the Funds were $0 for the fiscal
 year ended December 31, 2025 and $0 for the fiscal year ended December 31, 2024.

---

| | |
|:---|:---|
| (e)(1) | Audit Committee Pre-Approval Policies and Procedures: The Audit Committee of the Funds pre-approves the audit and non-audit services performed by the independent auditor in order to assure that the provision of such services does not impair the auditor's independence. The Audit Committee has established detailed pre-approval policies and procedures, together with pre-approved fee levels. The Chairman of the Audit Committee may pre-approve additional services to be performed by the Registrants' principal accountant on an interim basis, up to a fee cap and subject to ratification by the Audit Committee at its next regularly scheduled meeting. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&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) Not applicable

(c) 0%

(d) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
 financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees was zero percent (0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed or expected to be billed by the Registrant's accountant for services
 rendered to the Registrant were $0 for the fiscal year ended December 31, 2025 and $0 for the fiscal year ended December 31, 2024.

The aggregate non-audit fees, consisting of tax fees, billed or expected to be billed by the Registrant's accountant for services rendered to the Registrant's investment advisor were $25,000 for the fiscal year ended December 31, 2025 and $24,086 for the fiscal year ended December 31, 2024. The Audit Committee of the Funds has considered whether the provision of non-audit services, consisting of tax services, to be rendered to the Registrant's investment advisor is compatible with maintaining the Registrant's accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5. **Audit Committee of Listed Registrants.**

Not applicable.

Item 6. **Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments as of the close of the reporting period is included in the financial statements filed
 under Item 7 of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to Registrant.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's most recent annual financial statements required, and for the period covered by this
 report, by Regulation S-X are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's financial highlights, audited for the latest 5 years as required in Regulation S-X,
 are attached herewith.

![](fp0097128-1_01.jpg)

![](fp0097128-1_02.jpg)

---

| | |
|:---|:---|
| **Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **1** |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 2 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 9 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 10 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 11 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 12 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 14 |
| &nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 22 |
| **Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **23** |
| **Item 9 – Proxy Disclosures for Open-End Management Investment Companies** | **24** |
| **Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **25** |
| **Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** | **26** |

---

HEARTLAND FUNDS

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

Annual Report \| December 31, 2025 1

HEARTLAND MID CAP VALUE FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (99.1%)** | **SHARES** | **VALUE** |
| **Automobiles (0.9%)** |  |  |
| Thor Industries, Inc. | 41691 | $4280415 |
| **Banks (3.7%)** |  |  |
| PNC Financial Services Group, Inc. | 58610 | 12233665 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 59586 | 5394917 |
|  |  | 17628582 |
| **Beverages (1.2%)** |  |  |
| Keurig Dr Pepper, Inc. | 195477 | 5475311 |
| **Building Products (2.5%)** |  |  |
| A.O. Smith Corp. | 138195 | 9242482 |
| Carlisle Cos., Inc. | 8099 | 2590546 |
|  |  | 11833028 |
| **Capital Markets (3.9%)** |  |  |
| MarketAxess Holdings, Inc. | 27751 | 5029869 |
| Northern Trust Corp. | 76865 | 10498990 |
| Raymond James Financial, Inc. | 18478 | 2967382 |
|  |  | 18496241 |
| **Chemicals (0.8%)** |  |  |
| PPG Industries, Inc. | 35249 | 3611613 |
| **Consumer Staples Distribution & Retail (2.0%)** |  |  |
| Sysco Corp. | 127499 | 9395401 |
| **Containers & Packaging (2.9%)** |  |  |
| Ball Corp. | 136432 | 7226803 |
| Packaging Corp. of America | 30103 | 6208142 |
|  |  | 13434945 |
| **Diversified Consumer Services (0.5%)** |  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 14334 | 2383888 |
| **Electric Utilities (7.6%)** |  |  |
| Exelon Corp. | 329697 | 14371492 |
| FirstEnergy Corp. | 282593 | 12651689 |
| Xcel Energy, Inc. | 115395 | 8523075 |
|  |  | 35546256 |
| **Electrical Equipment (1.6%)** |  |  |
| Hubbell, Inc. | 16576 | 7361567 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Electronic Equipment, Instruments & Components (7.1%)** |  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 12000 | $2438280 |
| TE Connectivity PLC | 41129 | 9357259 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 42366 | 21637587 |
|  |  | 33433126 |
| **Energy Equipment & Services (2.2%)** |  |  |
| NOV, Inc. | 647536 | 10120988 |
| **Financial Services (0.2%)** |  |  |
| Fidelity National Information Services, Inc. | 17670 | 1174348 |
| **Food Products (4.2%)** |  |  |
| Hershey Co. | 80956 | 14732373 |
| Ingredion, Inc. | 44683 | 4926747 |
|  |  | 19659120 |
| **Ground Transportation (2.8%)** |  |  |
| JB Hunt Transport Services, Inc. | 67915 | 13198601 |
| **Health Care Equipment & Supplies (6.6%)** |  |  |
| Becton Dickinson & Co. | 74261 | 14411832 |
| Smith & Nephew PLC (ADR) | 261538 | 8581062 |
| The Cooper Companies, Inc.<sup>(a)</sup> | 99161 | 8127236 |
|  |  | 31120130 |
| **Health Care Providers & Services (4.1%)** |  |  |
| Centene Corp.<sup>(a)</sup> | 50000 | 2057500 |
| Humana, Inc. | 21060 | 5394098 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 39796 | 6906198 |
| Quest Diagnostics, Inc. | 28141 | 4883307 |
|  |  | 19241103 |
| **Hotels, Restaurants & Leisure (2.7%)** |  |  |
| Aramark | 238680 | 8797745 |
| Vail Resorts, Inc. | 30422 | 4040041 |
|  |  | 12837786 |
| **Household Durables (3.5%)** |  |  |
| DR Horton, Inc. | 73970 | 10653899 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 51676 | 5648187 |
|  |  | 16302086 |
| **Household Products (2.0%)** |  |  |
| Kimberly-Clark Corp. | 95206 | 9605333 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Insurance (5.8%)** | | |
| Arch Capital Group, Ltd.<sup>(a)</sup> | 85658 | $8216315 |
| Everest Group, Ltd. | 24695 | 8380248 |
| Old Republic International Corp. | 126474 | 5772273 |
| Willis Towers Watson PLC | 15244 | 5009179 |
|  |  | 27378015 |
| **Machinery (5.8%)** |  |  |
| Donaldson Co., Inc. | 156811 | 13902863 |
| Lincoln Electric Holdings, Inc. | 23746 | 5690491 |
| Middleby Corp.<sup>(a)</sup> | 52404 | 7790903 |
|  |  | 27384257 |
| **Marine Transportation (1.0%)** |  |  |
| Kirby Corp.<sup>(a)</sup> | 43366 | 4778066 |
| **Metals & Mining (1.6%)** |  |  |
| Nucor Corp. | 45501 | 7421668 |
| **Multi-Utilities (1.1%)** |  |  |
| WEC Energy Group, Inc. | 47839 | 5045101 |
| **Oil, Gas & Consumable Fuels (4.2%)** |  |  |
| EOG Resources, Inc. | 140969 | 14803155 |
| Kinder Morgan, Inc. | 178765 | 4914250 |
|  |  | 19717405 |
| **Passenger Airlines (0.9%)** |  |  |
| Southwest Airlines Co. | 99528 | 4113492 |
| **Pharmaceuticals (0.6%)** |  |  |
| Perrigo Co. PLC | 218414 | 3040323 |
| **Professional Services (2.1%)** |  |  |
| Leidos Holdings, Inc. | 42433 | 7654913 |
| Robert Half International, Inc. | 79161 | 2150013 |
|  |  | 9804926 |
| **Residential REITs (3.2%)** |  |  |
| Camden Property Trust | 44290 | 4875443 |
| Essex Property Trust, Inc. | 19243 | 5035508 |
| Sun Communities, Inc. | 41366 | 5125661 |
|  |  | 15036612 |
| **Semiconductors & Semiconductor Equipment (3.6%)** |  |  |
| Lam Research Corp. | 31908 | 5462012 |
| ON Semiconductor Corp.<sup>(a)</sup> | 105535 | 5714720 |
| Qorvo, Inc.<sup>(a)</sup> | 65744 | 5556025 |
|  |  | 16732757 |
| **Specialized REITs (3.5%)** |  |  |
| Public Storage | 64357 | 16700642 |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

2 www.heartlandadvisors.com

HEARTLAND MID CAP VALUE FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Specialty Retail (0.2%)** |  |  |
| CarMax, Inc.<sup>(a)</sup> | 29485 | $1139300 |
| **Trading Companies & Distributors (2.5%)** |  |  |
| Watsco, Inc. | 35083 | 11821217 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $412,563,929)** |  | $**466253649** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST<br> RATE** | **PAR<br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (0.2%)** | | | |
| **Time Deposits (0.2%)** |  |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 2.98% | $1209077 | $1209077 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $1,209,077)** |  |  | $**1209077** |
| **TOTAL INVESTMENTS - (99.3%)** |  |  |  |
| **(Cost $413,773,006)** |  |  | $**467462726** |
| **OTHER ASSETS AND LIABILITIES, NET - (0.7%)** |  |  | **2909781** |
| **TOTAL NET ASSETS - (100.0%)** |  |  | $**470372507** |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 3

HEARTLAND VALUE PLUS FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (99.9%)** | **SHARES** | **VALUE** |
| **Aerospace & Defense (0.5%)** |  |  |
| Hexcel Corp. | 20000 | $1478000 |
| **Automobile Components (2.2%)** |  |  |
| Phinia, Inc. | 100000 | 6269000 |
| **Automobiles (1.8%)** |  |  |
| Thor Industries, Inc. | 50000 | 5133500 |
| **Banks (17.1%)** |  |  |
| Associated Banc-Corp | 350000 | 9016000 |
| FB Financial Corp. | 175000 | 9765000 |
| FNB Corp. | 575000 | 9832500 |
| Glacier Bancorp, Inc. | 100000 | 4405000 |
| Renasant Corp. | 175000 | 6163500 |
| Seacoast Banking Corp. of Florida | 310000 | 9740200 |
|  |  | 48922200 |
| **Beverages (0.9%)** |  |  |
| Primo Brands Corp. (Class A) | 150000 | 2452500 |
| **Building Products (3.6%)** |  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 50000 | 5144500 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 325000 | 5021250 |
|  |  | 10165750 |
| **Capital Markets (3.5%)** |  |  |
| Stifel Financial Corp. | 80000 | 10017600 |
| **Chemicals (3.2%)** |  |  |
| Quaker Chemical Corp. | 35000 | 4805850 |
| Sensient Technologies Corp. | 45000 | 4227750 |
|  |  | 9033600 |
| **Commercial Services & Supplies (2.5%)** |  |  |
| Brady Corp. (Class A) | 90000 | 7053300 |
| **Construction & Engineering (2.0%)** |  |  |
| Granite Construction, Inc. | 50000 | 5767500 |
| **Consumer Finance (2.4%)** |  |  |
| FirstCash Holdings, Inc. | 42500 | 6773650 |
| **Consumer Staples Distribution & Retail (0.9%)** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 30000 | 2700900 |
| **Diversified Consumer Services (1.1%)** |  |  |
| The ADT Inc. | 375000 | 3026250 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Electrical Equipment (1.0%)** |  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 20000 | $2727400 |
| **Electronic Equipment, Instruments & Components (4.5%)** |  |  |
| CTS Corp. | 140000 | 6001800 |
| Littelfuse, Inc. | 27500 | 6955300 |
|  |  | 12957100 |
| **Energy Equipment & Services (1.9%)** |  |  |
| NOV, Inc. | 350000 | 5470500 |
| **Financial Services (1.2%)** |  |  |
| MGIC Investment Corp. | 115000 | 3360300 |
| **Gas Utilities (2.0%)** |  |  |
| ONE Gas, Inc. | 75000 | 5793750 |
| **Health Care Equipment & Supplies (6.6%)** |  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 400000 | 8684000 |
| Integer Holdings Corp.<sup>(a)</sup> | 35000 | 2745050 |
| Smith & Nephew PLC (ADR) | 30000 | 984300 |
| The Cooper Companies, Inc.<sup>(a)</sup> | 80000 | 6556800 |
|  |  | 18970150 |
| **Hotels, Restaurants & Leisure (0.9%)** |  |  |
| Wyndham Hotels & Resorts, Inc. | 35000 | 2644600 |
| **Household Durables (2.8%)** |  |  |
| Century Communities, Inc. | 100000 | 5935000 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 20000 | 2186000 |
|  |  | 8121000 |
| **Industrial REITs (2.5%)** |  |  |
| EastGroup Properties, Inc. | 40000 | 7125600 |
| **Insurance (2.6%)** |  |  |
| The Hanover Insurance Group, Inc. | 40000 | 7310800 |
| **Leisure Products (1.0%)** |  |  |
| Acushnet Holdings Corp. | 35000 | 2793700 |
| **Life Sciences Tools & Services (0.5%)** |  |  |
| ICON PLC<sup>(a)</sup> | 7500 | 1366650 |
| **Machinery (3.9%)** |  |  |
| Enerpac Tool Group Corp. (Class A) | 100000 | 3824000 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 335000 | 7192450 |
|  |  | 11016450 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Metals & Mining (2.1%)** |  |  |
| Materion Corp. | 47500 | $5905200 |
| **Multi-Utilities (1.5%)** |  |  |
| Northwestern Energy Group, Inc. | 65000 | 4195100 |
| **Oil, Gas & Consumable Fuels (4.6%)** |  |  |
| Magnolia Oil & Gas Corp. (Class A) | 235000 | 5144150 |
| Matador Resources Co. | 135000 | 5729400 |
| Viper Energy, Inc. | 60000 | 2317800 |
|  |  | 13191350 |
| **Pharmaceuticals (4.0%)** |  |  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 60000 | 3701400 |
| Royalty Pharma PLC (Class A) | 200000 | 7728000 |
|  |  | 11429400 |
| **Residential REITs (2.8%)** |  |  |
| Camden Property Trust | 72500 | 7980800 |
| **Semiconductors & Semiconductor Equipment (4.7%)** |  |  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 65000 | 4782700 |
| Semtech Corp.<sup>(a)</sup> | 60000 | 4421400 |
| Silicon Motion Technology Corp. (ADR) | 45000 | 4171500 |
|  |  | 13375600 |
| **Specialized REITs (3.2%)** |  |  |
| Lamar Advertising Co. (Class A) | 72500 | 9177050 |
| **Specialty Retail (1.2%)** |  |  |
| Academy Sports & Outdoors, Inc. | 70000 | 3497200 |
| **Textiles, Apparel & Luxury Goods (1.0%)** |  |  |
| Columbia Sportswear Co. | 50000 | 2754500 |
| **Trading Companies & Distributors (1.7%)** |  |  |
| WESCO International, Inc. | 20000 | 4892800 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $248,020,604)** |  | $**284850750** |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

4 www.heartlandadvisors.com

HEARTLAND VALUE PLUS FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST<br> RATE** | **PAR<br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (0.1%)** | | | |
| **Time Deposits (0.1%)** |  |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 2.98% | $419139 | $419139 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $419,139)** |  |  | $**419139** |
| **TOTAL INVESTMENTS - (100.0%)** |  |  |  |
| **(Cost $248,439,743)** |  |  | $**285269889** |
| **OTHER ASSETS AND LIABILITIES, NET - (0.0%)<sup>(c)</sup>** | **OTHER ASSETS AND LIABILITIES, NET - (0.0%)<sup>(c)</sup>** |  | **(19998)** |
| **TOTAL NET ASSETS - (100.0%)** |  |  | $**285249891** |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 5

HEARTLAND VALUE FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (98.5%)** | **SHARES** | **VALUE** |
| **Aerospace & Defense (1.0%)** |  |  |
| Hexcel Corp. | 125000 | $9237500 |
| **Automobile Components (2.0%)** |  |  |
| Linamar Corp. (CAD)<sup>(d)</sup> | 140000 | 8461914 |
| Phinia, Inc. | 150000 | 9403500 |
|  |  | 17865414 |
| **Automobiles (0.6%)** |  |  |
| Thor Industries, Inc. | 50000 | 5133500 |
| **Banks (14.5%)** |  |  |
| Associated Banc-Corp | 400000 | 10304000 |
| Bank of Marin Bancorp | 199570 | 5190816 |
| Capital City Bank Group, Inc. | 500000 | 21285000 |
| Community Trust Bancorp, Inc. | 150000 | 8475000 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 150000 | 10968000 |
| First Internet Bancorp | 200000 | 4174000 |
| Glacier Bancorp, Inc. | 200000 | 8810000 |
| Heritage Financial Corp. | 275000 | 6503750 |
| MidWestOne Financial Group, Inc. | 175616 | 6761216 |
| Seacoast Banking Corp. of Florida | 300000 | 9426000 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 275000 | 24898500 |
| TriCo Bancshares | 250000 | 11842500 |
|  |  | 128638782 |
| **Beverages (0.4%)** |  |  |
| Primo Brands Corp. (Class A) | 200000 | 3270000 |
| **Chemicals (1.3%)** |  |  |
| Quaker Chemical Corp. | 85000 | 11671350 |
| **Commercial Services & Supplies (0.8%)** |  |  |
| Perma-Fix Environmental Services, Inc.<sup>(a)</sup> | 400000 | 5036000 |
| Quad/Graphics, Inc. (Class A) | 300000 | 1881000 |
|  |  | 6917000 |
| **Communications Equipment (1.6%)** |  |  |
| AudioCodes, Ltd. | 600000 | 5238000 |
| Lantronix, Inc.<sup>(a)</sup> | 1600000 | 9376000 |
|  |  | 14614000 |
| **Construction & Engineering (2.6%)** |  |  |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 245000 | 15310050 |
| Primoris Services Corp. | 60000 | 7448400 |
|  |  | 22758450 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Construction Materials (0.5%)** |  |  |
| Knife River Corp.<sup>(a)</sup> | 60000 | $4221000 |
| **Consumer Finance (3.3%)** |  |  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 285000 | 15489750 |
| Ezcorp, Inc. (Class A)<sup>(a)</sup> | 700000 | 13594000 |
|  |  | 29083750 |
| **Consumer Staples Distribution & Retail (0.5%)** |  |  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 400000 | 4040000 |
| **Containers & Packaging (0.5%)** |  |  |
| Sonoco Products Co. | 100000 | 4364000 |
| **Diversified Consumer Services (4.5%)** |  |  |
| Carriage Services, Inc. | 207300 | 8768790 |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 1290000 | 31153500 |
|  |  | 39922290 |
| **Diversified REITs (1.5%)** |  |  |
| Alexander & Baldwin, Inc. | 400000 | 8256000 |
| Alpine Income Property Trust, Inc. | 321920 | 5382503 |
|  |  | 13638503 |
| **Electrical Equipment (1.5%)** |  |  |
| Sensata Technologies Holding PLC | 150000 | 4993500 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 225000 | 8361000 |
|  |  | 13354500 |
| **Electronic Equipment, Instruments & Components (0.6%)** |  |  |
| Benchmark Electronics, Inc. | 125000 | 5345000 |
| **Energy Equipment & Services (0.7%)** |  |  |
| Innovex International, Inc.<sup>(a)</sup> | 300000 | 6561000 |
| **Entertainment (0.8%)** |  |  |
| DoubleDown Interactive Co., Ltd. (ADR)<sup>(a)</sup> | 400000 | 3452000 |
| Marcus Corp. (Class A) | 205000 | 3179550 |
|  |  | 6631550 |
| **Financial Services (5.6%)** |  |  |
| Cass Information Systems, Inc. | 345682 | 14352717 |
| EVERTEC, Inc. | 237500 | 6908875 |
| MGIC Investment Corp. | 450000 | 13149000 |
| Radian Group, Inc. | 300000 | 10797000 |
| Walker & Dunlop, Inc. | 75000 | 4511250 |
|  |  | 49718842 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Food Products (3.4%)** |  |  |
| Calavo Growers, Inc. | 400000 | $8700000 |
| John B Sanfilippo & Son, Inc. | 59000 | 4165400 |
| Mama's Creations, Inc.<sup>(a)</sup> | 200000 | 2698000 |
| Seaboard Corp. | 2000 | 8889640 |
| SunOpta, Inc.<sup>(a)</sup> | 1500000 | 5700000 |
|  |  | 30153040 |
| **Gas Utilities (1.3%)** |  |  |
| UGI Corp. | 300000 | 11229000 |
| **Ground Transportation (1.8%)** |  |  |
| ArcBest Corp. | 60000 | 4451400 |
| Lyft, Inc. (Class A)<sup>(a)</sup> | 400000 | 7748000 |
| Marten Transport, Ltd. | 300000 | 3414000 |
|  |  | 15613400 |
| **Health Care Equipment & Supplies (4.6%)** |  |  |
| Accuray, Inc.<sup>(a)</sup> | 1520107 | 1253480 |
| Haemonetics Corp.<sup>(a)</sup> | 75000 | 6011250 |
| Integer Holdings Corp.<sup>(a)</sup> | 175000 | 13725250 |
| Neogen Corp.<sup>(a)</sup> | 1000000 | 6990000 |
| Teleflex, Inc. | 103927 | 12683251 |
|  |  | 40663231 |
| **Health Care Providers & Services (1.9%)** |  |  |
| Henry Schein, Inc.<sup>(a)</sup> | 120000 | 9069600 |
| InfuSystem Holdings, Inc.<sup>(a)</sup> | 500000 | 4485000 |
| National Research Corp. | 50000 | 938500 |
| Park Dental Partners, Inc.<sup>(a)</sup> | 152500 | 2250900 |
|  |  | 16744000 |
| **Health Care REITs (1.5%)** |  |  |
| Global Medical REIT, Inc. | 400000 | 13496000 |
| **Hotels, Restaurants & Leisure (0.5%)** |  |  |
| Papa John's International, Inc. | 125000 | 4811250 |
| **Household Durables (3.0%)** |  |  |
| Century Communities, Inc. | 260000 | 15431000 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 100000 | 10930000 |
|  |  | 26361000 |
| **Industrial REITs (0.7%)** |  |  |
| Plymouth Industrial REIT, Inc. | 300000 | 6564000 |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

6 www.heartlandadvisors.com

HEARTLAND VALUE FUND SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Insurance (2.7%)** |  |  |
| International General Insurance Holdings, Ltd. | 300000 | $7527000 |
| Stewart Information Services Corp. | 125000 | 8782500 |
| Tiptree, Inc. | 400000 | 7308000 |
|  |  | 23617500 |
| **Machinery (2.5%)** |  |  |
| Astec Industries, Inc. | 175000 | 7581000 |
| Columbus McKinnon Corp. | 450000 | 7762500 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 300000 | 6441000 |
|  |  | 21784500 |
| **Metals & Mining (7.0%)** |  |  |
| Centerra Gold, Inc. | 1900000 | 27303000 |
| Eldorado Gold Corp.<sup>(a)</sup> | 600000 | 21552000 |
| Major Drilling Group International, Inc. (CAD)<sup>(a)(d)</sup> | 900000 | 8458708 |
| New Gold, Inc.<sup>(a)</sup> | 550000 | 4790500 |
|  |  | 62104208 |
| **Multi-Utilities (0.3%)** |  |  |
| Algonquin Power & Utilities Corp. | 500000 | 3075000 |
| **Oil, Gas & Consumable Fuels (3.7%)** |  |  |
| Advantage Energy, Ltd. (CAD)<sup>(a)(d)</sup> | 750000 | 6415067 |
| Magnolia Oil & Gas Corp. (Class A) | 400000 | 8756000 |
| Viper Energy, Inc. | 450000 | 17383500 |
|  |  | 32554567 |
| **Passenger Airlines (1.6%)** |  |  |
| Allegiant Travel Co.<sup>(a)</sup> | 165000 | 14069550 |
| **Personal Care Products (0.1%)** |  |  |
| Synergy CHC Corp.<sup>(a)</sup> | 550000 | 1023000 |
| **Professional Services (1.9%)** |  |  |
| Barrett Business Services, Inc. | 450000 | 16294500 |
| Star Equity Holdings, Inc.<sup>(a)</sup> | 12461 | 140186 |
|  |  | 16434686 |
| **Real Estate Management & Development (1.1%)** |  |  |
| Forestar Group, Inc.<sup>(a)</sup> | 400000 | 9852000 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Residential REITs (1.8%)** |  |  |
| BSR Real Estate Investment Trust (CAD)<sup>(d)</sup> | 1300000 | $16196131 |
| **Semiconductors & Semiconductor Equipment (3.8%)** |  |  |
| Ichor Holdings, Ltd.<sup>(a)</sup> | 300000 | 5529000 |
| Photronics, Inc.<sup>(a)</sup> | 300000 | 9600000 |
| Silicon Motion Technology Corp. (ADR) | 200000 | 18540000 |
|  |  | 33669000 |
| **Software (1.4%)** |  |  |
| I3 Verticals, Inc. (Class A)<sup>(a)</sup> | 500000 | 12595000 |
| **Specialized REITs (1.3%)** |  |  |
| National Storage Affiliates Trust | 405000 | 11425050 |
| **Specialty Retail (1.4%)** |  |  |
| Academy Sports & Outdoors, Inc. | 175000 | 8743000 |
| RH<sup>(a)</sup> | 22500 | 4030875 |
|  |  | 12773875 |
| **Textiles, Apparel & Luxury Goods (0.7%)** |  |  |
| Columbia Sportswear Co. | 25000 | 1377250 |
| Oxford Industries, Inc. | 150000 | 5130000 |
|  |  | 6507250 |
| **Trading Companies & Distributors (1.6%)** |  |  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 75000 | 4607250 |
| Custom Truck One Source, Inc.<sup>(a)</sup> | 700000 | 4032000 |
| DNOW, Inc.<sup>(a)</sup> | 450000 | 5962500 |
|  |  | 14601750 |
| **Water Utilities (2.1%)** |  |  |
| Consolidated Water Co., Ltd. | 225000 | 7940250 |
| Global Water Resources, Inc. | 450000 | 3802500 |
| Pure Cycle Corp.<sup>(a)</sup> | 627264 | 6893631 |
|  |  | 18636381 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $606,700,191)** |  | $**873540800** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST<br> RATE** | **PAR<br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (1.4%)** | **SHORT-TERM INVESTMENTS (1.4%)** | **SHORT-TERM INVESTMENTS (1.4%)** | **SHORT-TERM INVESTMENTS (1.4%)** |
| **Time Deposits (1.4%)** | **Time Deposits (1.4%)** |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 2.98% | $12646565 | $12646565 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |
| **(Cost $12,646,565)** | **(Cost $12,646,565)** |  | $**12646565** |
| **TOTAL INVESTMENTS - (99.9%)** | **TOTAL INVESTMENTS - (99.9%)** | **TOTAL INVESTMENTS - (99.9%)** |  |
| **(Cost $619,346,756)** | **(Cost $619,346,756)** |  | $**886187365** |
| **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **861260** |
| **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | $**887048625** |

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 7

HEARTLAND FUNDS SCHEDULES OF INVESTMENTS - FOOTNOTES

December 31, 2025

*<sup>(a)</sup>* *Non-income producing security. Includes securities which did not pay at least one dividend in the year preceding the date of this statement.*

*<sup>(b)</sup>* *Time deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is the 7-day yield as of December 31, 2025.*

*<sup>(c)</sup>* *Less than 0.005%.*

*<sup>(d)</sup>* *Traded in a foreign country.*

**Common Abbreviations:**

ADR American Depositary Receipt. <br> Ltd. Limited. <br> PLC Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

**Currency Abbreviations:**

CAD Canadian Dollar

Percentages are stated as a percent of net assets.

Sector and Industry classifications are sourced from GICS<sup>®</sup>, The Global Industry Classification Standard (GICS<sup>®</sup>) is the exclusive intellectual property of MSCI Inc. ("MSCI") and S&P Global Market Intelligence ("S&P"). Neither MSCI, S&P, their affiliates, nor any of their third party providers ("GICS Parties") makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaims all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of such damages.

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

8 www.heartlandadvisors.com

HEARTLAND FUNDS STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **MID CAP VALUE**<br> **FUND** | **VALUE PLUS FUND** | **VALUE FUND** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost<sup>(a)</sup> | $413773006 | $248439743 | $619346756 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $467462726 | $285269889 | $886187365 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (See Note 10) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments, at value | 467462726 | 285269889 | 886187365 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 2855442 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued dividends and interest | 547534 | 220910 | 822522 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 148592 | 54477 | 884350 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 18091 | 17406 | 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 471032385 | 285562682 | 887917264 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 466036 | 191632 | 663391 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 60142 | 11068 | 36759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Investor Class | 1198 | 2198 | 9621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 29945 | 19592 | 44983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 36357 | 34269 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5528 | 3047 | 8658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 25433 | 25433 | 25433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 5672 | 1563 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 24360 | 19001 | 19390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 5207 | 4988 | 4297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 659878 | 312791 | 868639 |
| **TOTAL NET ASSETS** | $470372507 | $285249891 | $887048625 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $422804509 | $263631281 | $621141575 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 47567998 | 21618610 | 265907050 |
| **TOTAL NET ASSETS** | $470372507 | $285249891 | $887048625 |
| **NET ASSET VALUE, OFFERING PRICE & REDEMPTION PRICE PER SHARE:** |  |  |  |
| **INVESTOR CLASS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $180423700 | $158600297 | $695571021 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 13666019 | 4406296 | 13703278 |
| **NET ASSET VALUE, OFFERING PRICE & REDEMPTION PRICE PER SHARE** | $13.20 | $35.99 | $50.76 |
| **INSTITUTIONAL CLASS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $289948807 | $126649594 | $191477604 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 21843171 | 3549738 | 3655061 |
| **NET ASSET VALUE, OFFERING PRICE & REDEMPTION PRICE PER SHARE** | $13.27 | $35.68 | $52.39 |

---

*<sup>(a)</sup>* *Includes cost of investments in affiliates of $0 for the Mid Cap Value Fund, $0 for the Value Plus Fund and $0 for the Value Fund. See Note 10 in the Notes to Financial Statements.*

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 9

HEARTLAND FUNDS STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **MID CAP VALUE**<br> **FUND** | **VALUE PLUS FUND** | **VALUE FUND** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends<sup>(a)</sup> | $11872209 | $4987648 | $13465509 |
| &nbsp;&nbsp;&nbsp;Interest | 214573 | 107194 | 389783 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | 10884 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (1391) | (3844) | (237778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 12096275 | 5090998 | 13617514 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 3987200 | 1963265 | 5946142 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor Class | 440488 | 425049 | 1033297 |
| &nbsp;&nbsp;&nbsp;Transfer agency fees | 508200 | 404110 | 637520 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 197666 | 114800 | 286429 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 30828 | 16872 | 45653 |
| &nbsp;&nbsp;&nbsp;Printing, Postage and communication fees | 54625 | 36446 | 44000 |
| &nbsp;&nbsp;&nbsp;Legal fees | 77982 | 39213 | 108724 |
| &nbsp;&nbsp;&nbsp;Registration fees | 47879 | 40435 | 69251 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 102747 | 52884 | 147235 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 25641 | 25555 | 25747 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 41652 | 21760 | 57037 |
| &nbsp;&nbsp;&nbsp;Other expenses | 47632 | 25176 | 56052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses before waivers | 5562540 | 3165565 | 8457087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by investment advisor (See Note 6) | (558092) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses after waivers | 5004448 | 3165565 | 8457087 |
| **NET INVESTMENT INCOME** | 7091827 | 1925433 | 5160427 |
| **REALIZED & UNREALIZED GAINS (LOSSES) ON INVESTMENTS, AND TRANSLATION OF ASSETS AND LIABILITIES IN FOREIGN CURRENCY** |  |  |  |
| Net realized gains (losses) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(b)</sup> | (1707273) | 1462268 | 65227798 |
| &nbsp;&nbsp;&nbsp;Investments - Affiliated securities (See Note 10) |  |  | (6689708) |
| &nbsp;&nbsp;&nbsp;Written options |  |  | 212694 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  | 96 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (252402) | (2131513) | 51085396 |
| &nbsp;&nbsp;&nbsp;Investments - Affiliated securities (See Note 10) |  |  | 5995825 |
| &nbsp;&nbsp;&nbsp;Written options |  |  | (205944) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | – | – | 1209 |
| **TOTAL REALIZED & UNREALIZED NET GAINS (LOSSES) ON INVESTMENTS, AND TRANSLATION OF ASSETS IN FOREIGN CURRENCY** | (1959675) | (669245) | 115627366 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5132152 | $1256188 | $120787793 |

---

*<sup>(a)</sup>* *Includes $0 received from affiliated issuers held by the Value Fund. See Note 10 in the Notes to Financial Statements.*

*<sup>(b)</sup>* *Includes gains as a result of in-kind transactions. See Note 8 in the Notes to Financial Statements.*

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

10 www.heartlandadvisors.com

HEARTLAND FUNDS STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MID CAP VALUE FUND** | **MID CAP VALUE FUND** | **VALUE PLUS FUND** | **VALUE PLUS FUND** | **VALUE FUND** | **VALUE FUND** |
|  | For the <br>Year Ended <br>December 31, 2025 | For the <br>Year Ended<br> December 31, 2024 | For the <br>Year Ended<br> December 31, 2025 | For the <br>Year Ended<br> December 31, 2024 | For the <br>Year Ended<br> December 31, 2025 | For the <br>Year Ended<br> December 31, 2024 |
| **FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7091827 | $6788940 | $1925433 | $1594444 | $5160427 | $6067910 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | (1707273) | 39377299 | 1462268 | (14604329) | 58750880 | 68987801 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (252402) | (21149563) | (2131513) | 9756089 | 56876486 | 32029791 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5132152 | 25016676 | 1256188 | (3253796) | 120787793 | 107085502 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3868175) | (12375371) | (984607) | (5696010) | (59904638) | (54099136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (7047332) | (21952703) | (1143032) | (2856394) | (14785368) | (9310824) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (10915507) | (34328074) | (2127639) | (8552404) | (74690006) | (63409960) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 8310177 | 13166315 | 5331395 | 5620466 | 18866086 | 12847892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3771084 | 12058655 | 959669 | 5567156 | 56998557 | 51549121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares redeemed<sup>(a)</sup> | (46996882) | (47373557) | (41290931) | (56051416) | (74749700) | (71245623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investor Class | (34915621) | (22148587) | (34999867) | (44863794) | 1114943 | (6848610) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 159719969 | 141753223 | 63256420 | 15811131 | 64237290 | 24226616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 4594285 | 21521025 | 1114569 | 2767284 | 14334057 | 8988957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares redeemed<sup>(a)</sup> | (245188239) | (167459515) | (25421759) | (69902613) | (8588594) | (7046965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Class | (80873985) | (4185267) | 38949230 | (51324198) | 69982753 | 26168608 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets derived from capital transactions | (115789606) | (26333854) | 3949363 | (96187992) | 71097696 | 19319998 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (121572961) | (35645252) | 3077912 | (107994192) | 117195483 | 62995540 |
| **NET ASSETS AT THE BEGINNING OF THE PERIOD** | 591945468 | 627590720 | 282171979 | 390166171 | 769853142 | 706857602 |
| **NET ASSETS AT THE END OF THE PERIOD** | $470372507 | $591945468 | $285249891 | $282171979 | $887048625 | $769853142 |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 619030 | 933591 | 156076 | 154370 | 380315 | 266613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested Shares | 284396 | 895888 | 26365 | 155594 | 1109354 | 1080692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3495556) | (3337205) | (1192722) | (1545663) | (1517571) | (1490109) |
| &nbsp;&nbsp;&nbsp;Net decrease resulting from share transactions | (2592130) | (1507726) | (1010281) | (1235699) | (27902) | (142804) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 12008298 | 9938443 | 1794832 | 440557 | 1237777 | 482435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested Shares | 344658 | 1590615 | 30892 | 77998 | 270352 | 183074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (18045549) | (11640250) | (755031) | (1958305) | (166821) | (141649) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from share transactions | (5692593) | (111192) | 1070693 | (1439750) | 1341308 | 523860 |

---

*<sup>(a)</sup>* *Value of shares redeemed includes amounts for early redemption fees. See Note 7 in Notes to Financial Statements.*

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 11

HEARTLAND FUNDS FINANCIAL HIGHLIGHTS

---

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

---

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

12 www.heartlandadvisors.com

HEARTLAND FUNDS FINANCIAL HIGHLIGHTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return** | **Net assets, end of<br> period (in thousands)** | **Percentage of<br> expenses to average<br> net assets** | **Percentage of net<br> investment income<br> (loss) to average net<br> assets** | **Percentage of<br> expenses to average<br> net assets before<br> waivers** | **Percentage of<br> expenses to average<br> net assets after<br> waivers** | **Percentage of net<br> investment income<br> (loss) to average net<br> assets before waiver** | **Percentage of net<br> investment income<br> (loss) to average net <br> assets after waivers** | **Portfolio turnover <br> 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.*

*The accompanying Notes to Financial Statements are an integral part of these Statements.*

Annual Report \| December 31, 2025 13

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**1. ORGANIZATION**

Heartland Group, Inc. (the "Corporation") is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. The capital shares of the Mid Cap Value Fund, Value Plus Fund, and Value Fund (each a "Fund" and collectively, the "Funds"), each of which is a diversified fund, are issued by the Corporation. Each Fund has 150,000,000 shares authorized with a par value of $.001 per share and offers Investor Class and Institutional Class shares. Heartland Advisors, Inc. (the "Advisor") serves as investment advisor to the Corporation.

Under the Corporation's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with its vendors and others that provide for general indemnifications. The Corporation's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Corporation.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in the preparation of the financial statements. Each Fund is considered an investment company for financial reporting purposes under Generally Accepted Accounting Principles ("GAAP"). The Funds have applied the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 ("ASC 946").

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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, closing price on the composite market. Lacking any trades, securities are valued at the mean between the most recent quoted
 bid and asked prices on the principal exchange or market. Foreign securities are valued on the 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 New
 York Stock Exchange ("NYSE"), or using methods determined by Heartland Advisors, Inc. (the "Advisor") as the valuation
 designee of the Board of Directors of the Corporation (the "Board") in accordance with policies and procedures adopted pursuant
 to Rule 2a-5 of the 1940 Act. 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. These are generally categorized as Level 2 under
 GAAP. Debt securities purchased with maturities of 60 days or less are generally valued at acquisition cost, which approximates fair value,
 plus or minus any amortization or accretion, if applicable. Securities and other assets for which quotations are not readily available,
 are deemed unreliable, or have facts and circumstances that indicate otherwise, are valued at their fair value using methods determined
 by the Advisor as valuation designee, subject to the oversight of the Board. The Advisor 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 a Fund's net asset value is calculated. 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 consideration includes
 reviewing various factors set forth in the pricing procedures approved by the Board in accordance with Rule 2a-5 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds' policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended
 (the "Code"), that are applicable to regulated investment companies ("RICs") and to distribute substantially all
 of their taxable income to their shareholders. The Funds accordingly pay no Federal income taxes, and no Federal income tax provision
 is recorded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net investment income, if any, is distributed to each shareholder as a dividend. Dividends from the Funds
 are declared and paid at least annually. Dividends from the Funds are recorded on ex-date and determined in accordance with tax <u>regulations. Net</u> realized gains on investments, if any, are distributed at least annually. During the fiscal year ended December 31, 2025, the
 Funds utilized earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for
 income tax purposes. GAAP requires that permanent financial reporting and tax differences be reclassified based on their characterization
 for federal income tax purposes. Accordingly, at December 31, 2025, the following reclassifications were made to increase (decrease) such
 amounts:

---

| | | |
|:---|:---|:---|
| | **TOTAL DISTRIBUTABLE<br> EARNINGS** | **PAID-IN CAPITAL** |
| **MID CAP VALUE FUND** | $(3429806) | $3429806 |
| **VALUE PLUS FUND** |  |  |
| **VALUE FUND** | (2157114) | 2157114 |

---

14 www.heartlandadvisors.com

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(d) For financial reporting purposes, transactions are accounted for on trade date on the last business day of
 the reporting <u>period. Net</u> realized gains and losses on investments are computed on the
 identified cost basis. The portion of security gains and losses resulting from changes in foreign exchange rates is disclosed in the Statements
 of Operations. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Certain dividends
 from foreign securities will be recorded as soon as the Corporation is informed of the dividend, if such information is obtained subsequent
 to the ex-dividend date. The Funds amortize premium and accrete discount on investments utilizing the effective interest method. Foreign
 dividend income may be subject to foreign withholding taxes. Withholding taxes on foreign dividends have been provided for in accordance
 with the Funds' understanding of the applicable country's tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment income and realized and unrealized gains or losses on investments, options, and translation of
 assets in foreign currency are allocated to each Fund's share class based on their respective net assets. The Funds and share classes
 are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to any one Fund are
 typically allocated among the Funds and respective share classes in proportion to their respective net assets, number of open shareholder
 accounts, number of funds, or some combination thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Funds may invest a portion of their assets in Real Estate Investment Trusts ("REITs") and
 are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying
 properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions
 to shareowners, and certain REITs have self liquidation provisions by which mortgages held may be paid in full and distributions of capital
 returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through
 of income under the Code, or its failure to maintain exemption from registration under the 1940 Act. A Fund's investments in REITs
 may result in such Fund's receipt of cash in excess of the REITs' earnings. If the Fund receives such distributions all or
 a portion of these distributions will constitute a return of capital to such Fund. Receiving a return of capital distribution from REITs
 will reduce the amount of income available to be distributed to Fund shareholders. Income from REITs may not be eligible for treatment
 as qualified dividend income. As the final character of the distributions may not be known until reported by the REITs on their 1099s,
 the Funds may utilize an estimate for the current year character of distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(g) As of December 31, 2025, the Funds were not invested in any illiquid securities as defined pursuant to the
 Corporation's Liquidity Risk Management Program (the "LRMP").

&nbsp;&nbsp;&nbsp;&nbsp;(h) Certain securities exempt from registration or issued in transactions exempt from registration under the Securities
 Act of 1933, as amended (the "Act"), such as securities issued pursuant to the resale limitations provided under Rule 144A
 or Regulation S under the Act, may be considered to be liquid under the LRMP. As of December 31, 2025, the Funds did not hold any restricted
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on
 investments from those resulting in market prices of securities held. These gains and losses are included in net realized gain (loss)
 on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Reported net realized
 foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement
 date on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded
 on the respective Fund's books, and the U.S. dollar equivalent of the amounts actually received or <u>paid. Net</u> unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments
 in securities at the period end, resulting from changes in the exchange rate. Foreign markets can be more volatile than the U.S. market
 due to increased risks of adverse political, social, regulatory, and economic developments. Foreign security prices can be affected by
 exchange rate and foreign currency fluctuations, less publicly available information, and different accounting, auditing, legal, and financial
 standards. Foreign investments may also be less liquid than investments in U.S. issuers. This risk may be heightened in emerging or developing
 markets. Foreign securities usually are generally denominated and traded in foreign currencies, while the Funds value assets in U.S. dollars.
 The exchange rates between foreign currencies and the U.S. dollar fluctuate continuously. As a result, the values of the Funds'
 non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The Funds may participate in a variety of liquidity programs offered by ReFlow Fund, LLC. These include the
 ReFlow Redemption Service, which is designed to provide alternative sources of liquidity to funds experiencing net redemptions of their
 shares. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing
 ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund and settling the next business
 day, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when a Fund experiences
 net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. In the event a
 Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying
 the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance with federal securities laws,
 ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund.

Annual Report \| December 31, 2025 15

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

During the year ended December 31, 2025, the Mid Cap Value Fund satisfied in-kind requests made by Reflow. Consideration paid and shares sold were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Date Range** | **Value of Cash and In-Kind<br> Securities** | **Net Unrealized Gain of In-Kind<br> Securities** | **Common Stock Shares<br> Sold** |
| Mid Cap Value Fund | February 2025 | $6127 | $5644 | 20 |
| Mid Cap Value Fund | June 2025 | 4240351 | 2732901 | 36772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) The accompanying financial statements were prepared in conformity with GAAP, which requires management to
 make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
 could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The Funds use the management approach to determine reportable operating segments. The management approach
 considers the internal organization and reporting used by the Funds' chief operating decision maker ("CODM") for making
 decisions, allocating resources, and assessing performance. The Funds' CODM has been identified as the Advisor, who reviews consolidated
 results presented within the Funds' financial statements when making decisions about allocating resources and assessing performance
 of the Funds. The CODM determined that the Funds have only one operating segment as defined by ASU 2023-07. This is supported by the single
 investment strategy of the Funds, against which the CODM assesses performance.

&nbsp;&nbsp;&nbsp;&nbsp;(m) In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements
 to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency
 and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 require that public business entities on an annual basis
 (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative
 threshold. The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. The Funds have
 adopted ASU 2023-09, which does not have a material impact on the Funds' financial statements or disclosures.

**3. FAIR VALUE MEASUREMENTS**

The Funds follow GAAP, under which various inputs are used in determining the value of the Funds' investments.

The basis of the hierarchy is dependent upon the various "inputs" used to determine the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date. |
| Level 2 – | Other significant observable inputs include quoted prices which are not active, quoted prices for similar assets or liabilities in active markets, or inputs other than quoted prices that are observable (either directly or indirectly) for the asset or liability. Includes portfolio securities and other financial instruments lacking any sales referenced in Note 2. |
| Level 3 – | Significant unobservable prices or inputs (includes the Advisor's own assumptions, as the Board's valuation designee, in determining the fair value of investments). |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

16 www.heartlandadvisors.com

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

The following is a summary of the inputs used to value the Funds' investments as of December 31, 2025:

**MID CAP VALUE FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND UNADJUSTED PRICES** | **LEVEL 2 - OTHER<br> SIGNIFICANT<br> OBSERVABLE<br> INPUTS<sup>(a)</sup>** | **LEVEL 3 -<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $466253649 | $– | $– | $466253649 |
| Short-Term Investments | 1209077 | – | – | 1209077 |
| Total | $467462726 | $– | $– | $467462726 |

---

**VALUE PLUS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND UNADJUSTED PRICES** | **LEVEL 2 - OTHER<br> SIGNIFICANT<br> OBSERVABLE<br> INPUTS<sup>(a)</sup>** | **LEVEL 3 -<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $284850750 | $– | $– | $284850750 |
| Short-Term Investments | 419139 | – | – | 419139 |
| Total | $285269889 | $– | $– | $285269889 |

---

**VALUE FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND UNADJUSTED PRICES** | **LEVEL 2 - OTHER<br> SIGNIFICANT<br> OBSERVABLE<br> INPUTS<sup>(a)</sup>** | **LEVEL 3 -<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $873540800 | $– | $– | $873540800 |
| Short-Term Investments | 12646565 | – | – | 12646565 |
| Total | $886187365 | $– | $– | $886187365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *For detailed industry descriptions and securities identified as Level 2 within the hierarchy, see the accompanying Schedules of Investments.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The Funds measure Level 3 activity as of the beginning and end of the financial period. For the year ended December 31, 2025, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.* 

 

**4. DERIVATIVE INSTRUMENTS**

GAAP requires enhanced disclosure about the Funds' derivative and hedging activities, including how such activities are accounted for and their effects on the Funds' financial position, performance, and cash flows. The Funds 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, and options on futures contracts (a) to 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) to manage exposure to changing interest rates (duration management), (c) to enhance total return, or (d) to invest in eligible asset classes with a greater efficiency and lower cost than is possible through direct investment. Each Fund currently qualifies as a "limited derivatives user" under Rule 18f-4 of the 1940 Act and limits its derivatives exposure to 10% of its net assets.

Options can be highly volatile investments and involve certain risks. These strategies require the ability to anticipate future movements in securities prices, interest rates, currency exchange rates, and other economic factors. Attempts to use such investments may not be successful and could result in reduction of a Fund's total return. Each Fund could experience losses if the prices of its options positions move in a direction different than anticipated, or if the Fund were 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. Options traded on foreign exchanges generally are not regulated by U.S. authorities, and may offer less liquidity and less protection to a Fund if the other party to the contract defaults.

The Funds' use of options 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.

Annual Report \| December 31, 2025 17

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**Options Contracts**

The Funds may enter into options transactions for hedging purposes and will not use these instruments for speculation. Each Fund may write covered 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. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Each Fund may also purchase put 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 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. The Value Fund was invested in options during the year ended December 31, 2025. The monthly average notional amount and monthly average number of contracts of written options held by the Value Fund during the year ended December 31, 2025 was $0 and 0, respectively. As of December 31, 2025, the Funds did not hold any options contracts.

The effect of derivatives instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **VALUE FUND** | | **Realized Gain on Derivatives<br> Recognized in Income** | **Change in Unrealized Loss on<br> Derivatives Recognized in Income** |
| Equity Contracts (Written Options) | Net realized gains (losses) on written options / Net change in unrealized appreciation (depreciation) on written options | $212694 | $(205944) |
| Total |  | $212694 | $(205944) |

---

**Offsetting Arrangements**

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets and liabilities, only following a specified event of default or early termination. There are no derivative financial instruments that are subject to enforceable netting arrangements or other similar agreements as of December 31, 2025.

**5. SECURITIES LENDING**

The Funds entered into an agreement with the Lending Agent, dated November 30, 2011, as amended ("Securities Lending Agreement"), that provided securities lending services to the Funds. Under this program, the proceeds (cash collateral) received from borrowers were used to invest in money market funds. Under the Securities Lending Agreement, the borrowers may pay the Funds negotiated lender fees and the Funds receive cash collateral in an amount equal to not less than 102% of the value of loaned securities. The borrower pays fees at the Funds' direction to the Lending Agent. Although the risk of lending is generally mitigated by the collateral, the Funds could experience a delay in recovering securities and a possible loss of income or value if the borrower fails to return them. The agreement provided the right in the event of default for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a counterparty's bankruptcy or insolvency. Under the agreement, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

For the period from January 1, 2025 through May 7, 2025, only the Mid Cap Value Fund had securities on loan.

On May 7, 2025, the Funds terminated their Securities Lending Agreement with Brown Brothers Harriman & Co. The Funds did not have any securities on loan as of December 31, 2025.

**6. INVESTMENT MANAGEMENT FEES AND TRANSACTIONS WITH RELATED PARTIES**

The Corporation entered into an investment advisory agreement with the Advisor to serve as investment advisor and manager to the Funds (the "Advisory Agreement"). The Mid Cap Value Fund pays the Advisor a monthly management fee at the annual rate of 0.75% of the average daily net assets, the Value Plus Fund pays the Advisor a monthly management fee at the annual rate of 0.70% of the average daily net assets, and the Value Fund pays the Advisor a monthly management fee at the annual rate of 0.75% of the average daily net assets.

18 www.heartlandadvisors.com

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Mid Cap Value Fund to ensure that the Fund's total annual fund operating 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, 2027, and subject thereafter to annual renewal of the agreement by the Board. The operating expense limitation agreement can be terminated only with the consent of the Board. For the year ended December 31, 2025, expenses of $238,385 for Investor Class and $319,707 for Institutional Class were waived by the Advisor. The Advisor may not recoup amounts previously waived or reimbursed.

The Advisor has voluntarily agreed to waive 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 total annual fund operating expenses at a ratio of 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. For the year ended December 31, 2025, expenses of $0 for the Institutional Class Shares of the Value Plus Fund were waived by the Advisor. The Advisor may not recoup amounts previously waived or reimbursed.

The Corporation has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, as amended (the "Plan"). Pursuant to the Plan, the Investor Class pays the Funds' distributor, ALPS Distributors, Inc. (the "Distributor"), an amount up to 0.25% of the average daily net assets of the Investor Class Shares of such Fund (limited to actual costs incurred), computed on an annual basis and paid monthly, for distributing Fund shares and providing shareholder services. Any fees paid to the Distributor under the Plan that are not used during a calendar year are reimbursed to the respective Fund's Investor Class. Institutional Class shares are not subject to 12b-1 fees. During the year ended December 31, 2025, $457,022 of distribution related expenses incurred by the Advisor were reimbursed by fees collected under the Plan. The Advisor and/or Distributor may also contractually commit to pay these fees to other third parties who agree to provide various services to their customers who hold Fund shares. Fees paid pursuant to any such contractual commitment are not subject to reimbursement. The Distributor receives a fee for providing distribution services based on an annual rate of $225,000 for all Funds, plus 1/10 basis point for each Fund's annual net assets.

Transfer agent, fund accounting and fund administration services are provided by ALPS Fund Services, Inc. ("ALPS"). ALPS is an affiliate of the Distributor. From its own assets, the Advisor may pay retirement plan service providers, brokers, banks, financial advisors, and other financial intermediaries' fees for providing recordkeeping, sub-accounting, marketing, and other administrative services to their customers in connection with investment in the Funds. These fees may be in addition to any distribution, administrative, or shareholder servicing fees paid from the Funds' assets to these financial intermediaries.

Officers and certain directors of the Corporation are also officers and/or directors of the Advisor; however, they receive no compensation from the Funds.

**7. EARLY REDEMPTION FEE**

To discourage market timing and other short-term trading, certain shares of the Funds that are redeemed or exchanged within 10 days are assessed a 2% fee on the current net asset value of the shares. The fee applies 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 retained by the applicable Fund for the benefit of the remaining shareholders. For financial statement purposes, these amounts are included in the Statements of Assets and Liabilities as "paid-in capital". The Funds retained redemption fees during the year ended December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **MID CAP VALUE FUND** | **VALUE PLUS FUND** | **VALUE FUND** |
| Investor Class | $2319 | $29 | $262 |
| Institutional Class | 784 | 15 | – |
| Total | $3103 | $44 | $262 |

---

**8. INVESTMENT TRANSACTIONS**

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of securities (excluding in-kind transactions and securities maturing less than one year from acquisition) are noted below. During the same period, there were no purchases of long-term U.S. Government obligations.

---

| | | |
|:---|:---|:---|
| | **COST OF PURCHASES** | **PROCEEDS FROM SALES** |
| **MID CAP VALUE FUND** | $382146300 | $500037151 |
| **VALUE PLUS FUND** | 192484869 | 188427209 |
| **VALUE FUND** | 347218549 | 352809751 |

---

Annual Report \| December 31, 2025 19

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

During the year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| | **COST OF PURCHASES** | **PROCEEDS FROM SALES** |
| **MID CAP VALUE FUND** | $– $| 4246478 |
| **VALUE PLUS FUND** | – |  |
| **VALUE FUND** | – |  |

---

For the year ended December 31, 2025, the Mid Cap Value Fund had in-kind net gains of $2,738,545.

**9. FEDERAL INCOME TAX INFORMATION**

The Funds have qualified and intend to qualify as RICs under Subchapter M of the Code for federal income tax purposes and to distribute substantially all taxable income and net capital gains. Passive foreign investment companies, foreign currency, and certain other investments could create book tax differences that may have an impact on the character of each Fund's distributions.

As of and during the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short-term securities as of December 31, 2025, are displayed in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **TAX COST OF<br> INVESTMENTS** | **GROSS UNREALIZED <br> APPRECIATION** | **GROSS UNREALIZED<br> DEPRECIATION** | **NET APPRECIATION/<br> (DEPRECIATION) OF<br> FOREIGN CURRENCY** | **NET TAX UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
| **MID CAP VALUE FUND** | $416745154 | $67932359 | $(17214787) | $– | $50717572 |
| **VALUE PLUS FUND** | 249029013 | 44809818 | (8568942) |  | 36240876 |
| **VALUE FUND** | 619382506 | 290275203 | (23470344) | 314 | 266805173 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to tax deferral of losses in wash sales.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **DISTRIBUTIONS PAID FROM** | **DISTRIBUTIONS PAID FROM** | **DISTRIBUTIONS PAID FROM** |
| | **ORDINARY INCOME** | **NET LONG-TERM<br> CAPITAL GAIN** | **TOTAL TAXABLE<br> DISTRIBUTIONS** |
| **MID CAP VALUE FUND** | $6545631 | $4369876 | $10915507 |
| **VALUE PLUS FUND** | 2127639 |  | 2127639 |
| **VALUE FUND** | 6018993 | 68671013 | 74690006 |

---

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **DISTRIBUTIONS PAID FROM** | **DISTRIBUTIONS PAID FROM** | **DISTRIBUTIONS PAID FROM** |
| | **ORDINARY INCOME** | **NET LONG-TERM<br> CAPITAL GAIN** | **TOTAL TAXABLE<br> DISTRIBUTIONS** |
| **MID CAP VALUE FUND** | $5691584 | $28636490 | $34328074 |
| **VALUE PLUS FUND** | 1599438 | 6952966 | 8552404 |
| **VALUE FUND** | 5938195 | 57471765 | 63409960 |

---

20 www.heartlandadvisors.com

HEARTLAND FUNDS NOTES TO FINANCIAL STATEMENTS

December 31, 2025

As of December 31, 2025, the components of distributable earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **OVER/UNDISTRIBUTED <br> NET INVESTMENT<br> INCOME** | **ACCUMULATED NET<br> REALIZED<br> GAIN/(LOSS) ON<br> INVESTMENTS** | **NET UNREALIZED<br> APPRECIATION/(DEPRECIATION)<br> ON INVESTMENTS** | **OTHER TIMING<br> DIFFERENCES** | **TOTAL** |
| **MID CAP VALUE FUND** | $255475 | $(3405049) | $50717572 | $– | $47567998 |
| **VALUE PLUS FUND** | 68723 | (14690989) | 36240876 |  | 21618610 |
| **VALUE FUND** |  | (822638) | 266805173 | (75485) | 265907050 |

---

Capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2025, the following amounts are available as carry forwards.

---

| | | |
|:---|:---|:---|
| | **SHORT TERM** | **LONG TERM** |
| **MID CAP VALUE FUND** | $2113818 | $607274 |
| **VALUE PLUS FUND** | 14690989 |  |
| **VALUE FUND** |  |  |

---

The Value Plus Fund used capital loss carryovers during the year ended December 31, 2025 in the amount of $1,462,268.

The Mid Cap Value Fund elects to defer to the year ending December 31, 2026, capital losses recognized during the period November 1, 2025 through December 31, 2025 in the amount of $683,957.

The Value Fund elects to defer to the year ending December 31, 2026, capital losses recognized during the period November 1, 2025 through December 31, 2025 in the amount of $822,638. The Value Fund elects to defer to the year ending December 31, 2026, late year ordinary losses in the amount of $75,485.

**10. TRANSACTIONS WITH AFFILIATES**

The following investments were in companies deemed "affiliated" (as defined in Section 2(a)(3) of the 1940 Act) with the Value Fund; that is, a specific Fund held 5% or more of their outstanding voting securities during the year ended December 31, 2025. The Value Fund had no investments in companies deemed an affiliate as of December 31, 2025.

**INVESTMENTS NO LONGER AFFILIATED AS OF DECEMBER 31, 2025 – VALUE FUND**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME** | **FAIR VALUE AS OF<br> DECEMBER 31,<br> 2024** | **PURCHASES** | **SALES** | **FAIR VALUE<br> AS OF<br> DECEMBER 31, 2025** | **SHARE BALANCE<br> AS OF<br> DECEMBER 31, 2025** | **DIVIDENDS** | **CHANGE IN<br> UNREALIZED<br> GAIN (LOSS)** | **REALIZED<br> GAIN/LOSS** |
| Star Equity Holdings, Inc.<sup>(c)</sup> | $3194601 | $– | $(2347447) | $140186 | 12461 | $– | $5982740 | $(6689708) |
| Total |  |  |  | $140186 | 12461 | $– | $5982740 | $(6689708) |

---

<sup>(c)</sup> Formerly known as Hudson Global, Inc. prior to merger into Star Equity Holdings, Inc. on August 22, 2025. Prior to September 5, 2025, the company was deemed affiliated.

The Mid Cap Value and Value Plus Fund had no transactions with affiliates during the year ended December 31, 2025.

**11. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Annual Report \| December 31, 2025 21

HEARTLAND FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

Heartland Group, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Heartland Group, Inc. comprising Heartland Mid Cap Value Fund, Heartland Value Plus Fund, and Heartland Value Fund (the "Funds"), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](fp0097128-1_04.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 17, 2026

22 www.heartlandadvisors.com

HEARTLAND FUNDS ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

December 31, 2025 (Unaudited)

There have been no changes in or disagreements with the accountants as contemplated by Item 304 of Regulation S-K.

Annual Report \| December 31, 2025 23

HEARTLAND FUNDS ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

December 31, 2025 (Unaudited)

Not applicable.

24 www.heartlandadvisors.com

HEARTLAND FUNDS ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

December 31, 2025 (Unaudited)

Information regarding any Renumeration paid to Directors, Officers and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

Annual Report \| December 31, 2025 25

HEARTLAND FUNDS ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

December 31, 2025 (Unaudited)

Not applicable.

26 www.heartlandadvisors.com

![](fp0097128-1_03.jpg)

**Heartland Advisors' commitment to you:**

**Striving to achieve superior investment results and outstanding client service**

**Fundamental Research**

We are committed to discovering opportunities through extensive fundamental analysis

**Seasoned Investment Team**

We leverage our investment team's decades of experience to uncover out-of-favor, financially sound, and undervalued companies

**Consistent and Disciplined Approach**

We consistently adhere to our clearly defined, time-tested investment process driven by Heartland's *10 Principles of Value Investing<sup>TM</sup>*

**An investor should consider the Funds' investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Funds' prospectus. To obtain a prospectus, please call 1-800-432-7856 or visit www.heartlandadvisors.com. Please read the prospectus carefully before investing.**

Distributed by ALPS Distributors, Inc. HLF007344/0227

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There have been no changes in or disagreements with the accountants as contemplated by Item 304 of Regulation S-K.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Information regarding any Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

Item 11. **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

Item 12. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to Registrant.

Item 13. **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to Registrant.

Item 14. **Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchases.**

Not applicable to Registrant.

Item 15. **Submission of Matters to a Vote of Security Holders.**

No material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board of Directors have been implemented after the Registrant's last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the 1940 Act (17 CFR 270.30a-3(d)) occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to Registrant.

Item 18. **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 19. **Exhibits.**

[(a)(1)](fp0097128-1_ex99code.htm) [The Code of Ethics that is the subject of this disclosure required by Item 2 is attached hereto.](fp0097128-1_ex99code.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](fp0097128-1_ex99cert.htm) | [A separate certification for the Registrant's Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), are attached hereto as Ex99.Cert.](fp0097128-1_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0097128-1_ex99906cert.htm) [The certifications by the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.](fp0097128-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HEARTLAND GROUP, INC.

---

| | |
|:---|:---|
| By: | /s/ William R. Nasgovitz |
|  | William R. Nasgovitz |
|  | President and Chief Executive Officer |
| Date: | February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ William R. Nasgovitz |
|  | William R. Nasgovitz |
|  | President and Chief Executive Officer |
| Date: | February 20, 2026 |
| By: | /s/ Nicole J. Best |
|  | Nicole J. Best |
|  | Treasurer & Principal Accounting Officer |
| Date: | February 20, 2026 |

---

## Ex-99.Code

**HEARTLAND GROUP, INC.**

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE, FINANCIAL AND ACCOUNTING OFFICERS**

Heartland Group, Inc. (the "Company") has adopted this Code of Ethics with respect to its principal executive officer, principal financial officer, principal accounting officer or controller, and any other persons performing similar functions ("Covered Persons").

**Guiding Principles**

The success of our Company is based primarily on establishing our clients' trust and respect, and in ensuring that their interests always come first. We earn trust by conducting ourselves in an honest, ethical and professional manner, complying with the law, avoiding conflicts of interest and appearances of impropriety, treating our clients with courtesy and respect, and providing information to clients that is accurate, complete and understandable.

**Basic Objectives**

In furtherance of these guiding principles, the Company expects that each of the Covered Persons will adhere to the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ensure that the interests of shareholders of the mutual fund series of the Company ("Clients") are paramount, and avoid conflicts and the appearance of conflicts between your interests and those of the Company or its Clients, and between the Company's interests and those of its Clients; and promptly disclose to the Compliance Officer any material event or transaction that could reasonably give rise to a conflict of interest such as service on the board of a public company, the receipt of any non-nominal gifts from or non-business related trips or entertainment paid by, persons with whom the Company has current or prospective business dealings, any ownership interest in, or consulting or employment relationships with, any of the Company's service providers (other than the adviser or distributor), or a financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Protect and use the Company's assets only in furtherance of valid Company purposes; maintain the confidentiality of any proprietary information and trade secrets of the Company; ensure the privacy of Client information; avoid usurping for personal gain opportunities that are available to the Company; not use your personal influence or personal relationship improperly to influence decisions by the Company in which you would benefit personally to the Company's detriment, and not cause the Company to take action or fail to take action for your personal benefit rather than for the benefit of the Company; make decisions for the Company based on merit and what you honestly believe are in the best interests of the Company and its Clients; and otherwise refrain from taking any action that is opposed to the best interests of the Company and its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain a proper system of internal accounting controls; record transactions involving the Company in accordance with generally acceptable accounting standards and principles; cooperate with the Company's independent auditors; disclose and prepare financial statements and other financial reports and information fully and fairly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements generally applicable to the Company and provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable laws, rules and regulations of governmental and regulatory bodies; be knowledgeable about legal and regulatory matters applicable to the Company and its business and not knowingly misrepresent or cause others to misrepresent facts about the Company to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Promptly report possible violations of the Code to the Company's Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Be accountable for adherence to the Code.

**Administration of the Code**

<u>Compliance Officer</u>. The Company's Board of Directors will appoint a Compliance Officer responsible for administering this Code of Ethics. The Board has the right to replace the Compliance Officer at any time. The Board's decision to appoint or replace a Compliance Officer requires the approval of a majority of the Independent Directors of the Board.

The Compliance Officer will be responsible for investigating and reporting to the Company's Board of Directors on violations or waivers from any provision of the Code, and for making recommendations to the Board with respect to the resolutions and consequences for any such violations or waivers.

<u>Questions and Violations</u>. Any person who has a question about the Code or who believes there has been a violation of the Code is encouraged to contact the Compliance Officer. Inquiries and reports of potential Code violations will be kept confidential. Covered Persons who have violated the Code are encouraged to promptly admit to the violation. Upon receiving information about a potential violation of the Code, the Compliance Officer will investigate the matter and will prepare a written report to the Board of Directors providing relevant details and recommendations for further action and consequences. The Board will have ultimate responsibility for determining whether a violation occurred and what action is to be taken in response to such violation, including censures, financial penalties, suspensions, leaves of absence, reassignment, demotion and termination of employment.

<u>Delivery of Code to Covered Persons</u>. All Covered Persons will receive a copy of the Code promptly following their becoming Covered Persons, and a copy of any amendment thereto promptly following its adoption. Covered Persons will be asked to acknowledge and agree in writing to the provisions of the Code, and any amendment thereto, when they first become subject to the Code or such amendment, and annually thereafter. Covered Persons will also annually confirm that they have complied with the requirements of the Code.

<u>Waivers</u>. A waiver of a provision of the Code must be requested whenever there is a reasonable likelihood that a contemplated action will violate the Code. Waivers may also be requested following a violation of the Code if such violation was not foreseen or anticipated. Requests for waivers must be in writing and submitted to the Compliance Officer for consideration and recommendation to the Board of Directors who will determine whether a waiver should be granted. Any waiver or implicit waiver from a provision of the Code must be disclosed in accordance with SEC Release IC-25914 (which requires a description of the nature of the waiver, the name of the person to whom the waiver was granted and the date of the waiver) and in the manner described under "Regulatory Filing and Reporting" below. As used herein, a "waiver" means any approval by the Board of Directors of a material departure from a provision of the Code, and an "implicit waiver" means the failure of the Board of Directors to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known by a Covered Person.

<u>Amendments</u>. The Code may be amended at any time by the Company, subject to approval by the Board of Directors on any material amendments. Any amendment to the Code (other than technical, administrative and other non-substantive amendments) must be disclosed in accordance with SEC Release IC-25914 (which requires a description of the amendment) and in the manner described under "Regulatory Filing and Reporting" below.

<u>Regulatory Filing and Reporting</u>. A copy of the Code will be filed with the SEC as an exhibit to the Company's certified shareholder report on Form N-CSR or posted on the Company's website (so long as the Company discloses that fact and its Internet address in its report on Form N-CSR). Descriptions of material waivers and amendments will be disclosed either in the Company's Form N-CSR or on the Company's website.

<u>Records</u>. The Company will retain copies of the Code and all other records relating to the Code in accordance with the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the "1940 Act").

**Other Policies and Procedures**

This Code is the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act, and the rules and forms applicable to registered investment companies thereunder. The Company's and their investment adviser's code of ethics adopted pursuant to Rule 17j-1 of the 1940 Act, and the Business Conduct Rules adopted by the Company and their investment adviser are separate requirements applying to the Covered Persons, and are not part of this Code.

This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company or any Covered Person, as to any fact, circumstance or legal conclusion.

## Ex-99.Cert

**CERTIFICATIONS**

I, William R. Nasgovitz, certify that:

1. I have reviewed this report on Form N-CSR of Heartland Group, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ William R. Nasgovitz |
|  | William R. Nasgovitz |
|  | President and Chief Executive Officer |
| Date: | February 20, 2026 |

---

**CERTIFICATIONS**

I, Nicole J. Best, certify that:

1. I have reviewed this report on Form N-CSR of Heartland Group, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Nicole J. Best |
|  | Nicole J. Best |
|  | Treasurer & Principal Accounting Officer |
| Date: | February 20, 2026 |

---

## Exhibit 99.906

EX-99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Heartland Group, Inc. (the "Registrant") does hereby certify, to such officer's knowledge, that the report on Form N-CSR (the "Report") of the Registrant for the period ended December 31, 2025 fully complies with the requirements of Section l3(a) or l5(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant for the stated period.

---

| | | |
|:---|:---|:---|
| By: | /s/ William R. Nasgovitz | /s/ Nicole J. Best |
|  | William R. Nasgovitz | Nicole J. Best |
|  | President and Chief Executive Officer | Treasurer & Principal Accounting Officer |
| Date: | February 20, 2026 | February 20, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Registrant for purposes of the Securities Exchange Act of 1934.