# EDGAR Filing Document

**Accession Number:** 0000809586
**File Stem:** 0001049169-25-000509
**Filing Date:** 2025-10
**Character Count:** 69123
**Document Hash:** c860ed6838e3c6e806c8087d14a4f374
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000509.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001049169-25-000509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04982
- **FILM NUMBER:** 251433277

**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 MID CAP VALUE FUND (Series ID: S000047207)

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

## Nport-Ex

**HEARTLAND MID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (98.1%)** | **SHARES** | **VALUE** |
| **Automobiles (1.0%)** |  |  |
| Thor Industries, Inc. | 48357 | $5014137 |
| **Banks (3.3%)** |  |  |
| PNC Financial Services Group, Inc. | 57395 | 11532377 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 65686 | 5552438 |
|  |  | 17084815 |
| **Beverages (1.1%)** |  |  |
| Keurig Dr Pepper, Inc. | 221404 | 5648016 |
| **Building Products (2.1%)** |  |  |
| A.O. Smith Corp. | 152205 | 11173369 |
| **Capital Markets (4.0%)** |  |  |
| FactSet Research Systems, Inc. | 11944 | 3421837 |
| Northern Trust Corp. | 102909 | 13851551 |
| Raymond James Financial, Inc. | 20162 | 3479961 |
|  |  | 20753349 |
| **Chemicals (2.0%)** |  |  |
| PPG Industries, Inc. | 99709 | 10480413 |
| **Consumer Staples Distribution & Retail (2.2%)** |  |  |
| Sysco Corp. | 140641 | 11580380 |
| **Containers & Packaging (3.6%)** |  |  |
| Ball Corp. | 212745 | 10726603 |
| International Paper Co. | 94329 | 4376865 |
| Packaging Corp. of America | 17360 | 3783265 |
|  |  | 18886733 |
| **Diversified Consumer Services (0.6%)** |  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 14334 | 3146600 |
| **Electric Utilities (7.7%)** |  |  |
| Exelon Corp. | 357998 | 16113490 |
| FirstEnergy Corp. | 317846 | 14563704 |
| Xcel Energy, Inc. | 120174 | 9692033 |
|  |  | 40369227 |
| **Electrical Equipment (2.0%)** |  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 11637 | 1948034 |
| Hubbell, Inc. | 19740 | 8494319 |
|  |  | 10442353 |
| **Electronic Equipment, Instruments & Components (7.3%)** |  |  |
| TE Connectivity PLC | 54959 | 12065149 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 44366 | 26000251 |
|  |  | 38065400 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Energy Equipment & Services (1.9%)** |  |  |
| NOV, Inc. | 768939 | $10188442 |
| **Financial Services (0.9%)** |  |  |
| Fidelity National Information Services, Inc. | 67676 | 4462555 |
| **Food Products (3.7%)** |  |  |
| Hershey Co. | 92825 | 17362916 |
| Ingredion, Inc. | 17328 | 2115922 |
|  |  | 19478838 |
| **Ground Transportation (2.2%)** |  |  |
| JB Hunt Transport Services, Inc. | 84627 | 11354405 |
| **Health Care Equipment & Supplies (5.0%)** |  |  |
| Becton Dickinson & Co. | 63078 | 11806309 |
| DENTSPLY SIRONA, Inc. | 382552 | 4854585 |
| Smith & Nephew PLC (ADR) | 261538 | 9491214 |
|  |  | 26152108 |
| **Health Care Providers & Services (3.1%)** |  |  |
| Centene Corp.<sup>(a)</sup> | 299885 | 10699897 |
| Quest Diagnostics, Inc. | 29568 | 5635069 |
|  |  | 16334966 |
| **Hotels, Restaurants & Leisure (2.9%)** |  |  |
| Aramark | 252430 | 9693312 |
| Vail Resorts, Inc. | 35766 | 5349521 |
|  |  | 15042833 |
| **Household Durables (3.8%)** |  |  |
| DR Horton, Inc. | 74839 | 12682965 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 54176 | 6984370 |
|  |  | 19667335 |
| **Household Products (2.5%)** |  |  |
| Kimberly-Clark Corp. | 105671 | 13139132 |
| **Insurance (5.4%)** |  |  |
| Arch Capital Group, Ltd. | 85658 | 7771750 |
| Everest Group, Ltd. | 20159 | 7060286 |
| Old Republic International Corp. | 126474 | 5371351 |
| Willis Towers Watson PLC | 23473 | 8108748 |
|  |  | 28312135 |
| **Machinery (5.5%)** |  |  |
| Donaldson Co., Inc. | 164852 | 13493136 |
| Lincoln Electric Holdings, Inc. | 24644 | 5811795 |
| Middleby Corp.<sup>(a)</sup> | 69431 | 9229463 |
|  |  | 28534394 |
| **Marine Transportation (0.8%)** |  |  |
| Kirby Corp.<sup>(a)</sup> | 48366 | 4036143 |
| **Metals & Mining (0.9%)** |  |  |
| Nucor Corp. | 34411 | 4660282 |
| **Multi-Utilities (1.0%)** |  |  |
| WEC Energy Group, Inc. | 47839 | 5481871 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Oil, Gas & Consumable Fuels (3.6%)** |  |  |
| Coterra Energy, Inc. | 224580 | $5311317 |
| EOG Resources, Inc. | 119341 | 13380513 |
|  |  | 18691830 |
| **Passenger Airlines (0.3%)** |  |  |
| Southwest Airlines Co. | 49831 | 1590107 |
| **Pharmaceuticals (2.1%)** |  |  |
| Perrigo Co. PLC | 498466 | 11100838 |
| **Professional Services (2.9%)** |  |  |
| Leidos Holdings, Inc. | 63347 | 11970049 |
| Robert Half, Inc. | 90661 | 3080661 |
|  |  | 15050710 |
| **Residential REITs (2.4%)** |  |  |
| Camden Property Trust | 44290 | 4729286 |
| Essex Property Trust, Inc. | 29483 | 7891420 |
|  |  | 12620706 |
| **Semiconductors & Semiconductor Equipment (3.7%)** |  |  |
| Lam Research Corp. | 58537 | 7838104 |
| ON Semiconductor Corp.<sup>(a)</sup> | 105535 | 5203931 |
| Qorvo, Inc.<sup>(a)</sup> | 68602 | 6248270 |
|  |  | 19290305 |
| **Specialized REITs (4.0%)** |  |  |
| Public Storage | 71733 | 20720077 |
| **Specialty Retail (0.4%)** |  |  |
| CarMax, Inc.<sup>(a)</sup> | 45985 | 2063347 |
| **Trading Companies & Distributors (2.2%)** |  |  |
| Watsco, Inc. | 28110 | 11364873 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $459,477,519)** |  | $**511983024** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST <br> RATE** | **PAR <br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (1.8%)** | **SHORT-TERM INVESTMENTS (1.8%)** | **SHORT-TERM INVESTMENTS (1.8%)** | **SHORT-TERM INVESTMENTS (1.8%)** |
| **Time Deposits (1.8%)** |  |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 3.44% | $9769595 | $9769595 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $9,769,595)** | **(Cost $9,769,595)** | **(Cost $9,769,595)** | $**9769595** |
| **TOTAL INVESTMENTS - (99.9%)** | **TOTAL INVESTMENTS - (99.9%)** | **TOTAL INVESTMENTS - (99.9%)** |  |
| **(Cost $469,247,114)** | **(Cost $469,247,114)** | **(Cost $469,247,114)** | $**521752619** |
| **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (0.1%)** | **122063** |
| **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | $**521874682** |

---

**VALUE PLUS FUND**

**SCHEDULE OF INVESTMENTS**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (97.1%)** | **SHARES** | **VALUE** |
| **Aerospace & Defense (0.5%)** |  |  |
| Hexcel Corp. | 22500 | $1410750 |
| **Automobile Components (1.9%)** |  |  |
| Phinia, Inc. | 100000 | 5748000 |
| **Automobiles (1.8%)** |  |  |
| Thor Industries, Inc. | 50000 | 5184500 |
| **Banks (17.5%)** |  |  |
| Associated Banc-Corp | 355000 | 9127050 |
| FB Financial Corp. | 190000 | 10590600 |
| FNB Corp. | 580000 | 9343800 |
| Glacier Bancorp, Inc. | 185000 | 9003950 |
| Seacoast Banking Corp. of Florida | 310000 | 9433300 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 50000 | 4226500 |
|  |  | 51725200 |
| **Beverages (0.9%)** |  |  |
| Primo Brands Corp. (Class A) | 120000 | 2652000 |
| **Building Products (3.8%)** |  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 45000 | 5456250 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 375000 | 5670000 |
|  |  | 11126250 |
| **Capital Markets (3.9%)** |  |  |
| Artisan Partners Asset Management, Inc. (Class A) | 20000 | 868000 |
| Stifel Financial Corp. | 92500 | 10495975 |
|  |  | 11363975 |
| **Chemicals (1.6%)** |  |  |
| Sensient Technologies Corp. | 50000 | 4692500 |
| **Commercial Services & Supplies (2.6%)** |  |  |
| Brady Corp. (Class A) | 100000 | 7803000 |
| **Construction & Engineering (1.9%)** |  |  |
| Granite Construction, Inc. | 50000 | 5482500 |
| **Consumer Finance (2.4%)** |  |  |
| FirstCash Holdings, Inc. | 45000 | 7128900 |
| **Consumer Staples Distribution & Retail (0.2%)** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 7500 | 699375 |
| **Diversified Consumer Services (2.0%)** |  |  |
| The ADT Corp. | 675000 | 5879250 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Electrical Equipment (1.3%)** |  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 22500 | $3766500 |
| **Electronic Equipment, Instruments & Components (4.2%)** |  |  |
| CTS Corp. | 150000 | 5991000 |
| Littelfuse, Inc. | 25000 | 6475250 |
|  |  | 12466250 |
| **Energy Equipment & Services (0.6%)** |  |  |
| NOV, Inc. | 125000 | 1656250 |
| **Financial Services (1.9%)** |  |  |
| MGIC Investment Corp. | 200000 | 5674000 |
| **Food Products (0.8%)** |  |  |
| Hormel Foods Corp. | 100000 | 2474000 |
| **Gas Utilities (2.5%)** |  |  |
| New Jersey Resources Corp. | 30000 | 1444500 |
| ONE Gas, Inc. | 75000 | 6070500 |
|  |  | 7515000 |
| **Health Care Equipment & Supplies (4.9%)** |  |  |
| Envista Holdings Corp.<sup>(a)</sup> | 475000 | 9675750 |
| Smith & Nephew PLC (ADR) | 135000 | 4899150 |
|  |  | 14574900 |
| **Household Durables (3.2%)** |  |  |
| Century Communities, Inc. | 100000 | 6337000 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 25000 | 3223000 |
|  |  | 9560000 |
| **Industrial REITs (2.0%)** |  |  |
| EastGroup Properties, Inc. | 35000 | 5924100 |
| **Insurance (2.5%)** |  |  |
| The Hanover Insurance Group, Inc. | 40000 | 7265200 |
| **Leisure Products (1.1%)** |  |  |
| Acushnet Holdings Corp. | 40000 | 3139600 |
| **Machinery (5.8%)** |  |  |
| Enerpac Tool Group Corp. (Class A) | 125000 | 5125000 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 400000 | 9928000 |
| Lindsay Corp | 15000 | 2108400 |
|  |  | 17161400 |
| **Metals & Mining (3.1%)** |  |  |
| Materion Corp. | 75000 | 9060750 |
| **Multi-Utilities (0.5%)** |  |  |
| Northwestern Energy Group, Inc. | 25000 | 1465250 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Oil, Gas & Consumable Fuels (4.5%)** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 45000 | $1510200 |
| Magnolia Oil & Gas Corp. (Class A) | 235000 | 5609450 |
| Matador Resources Co. | 135000 | 6065550 |
|  |  | 13185200 |
| **Pharmaceuticals (2.3%)** |  |  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 60000 | 3744000 |
| Royalty Pharma PLC (Class A) | 90000 | 3175200 |
|  |  | 6919200 |
| **Residential REITs (2.7%)** |  |  |
| Camden Property Trust | 75000 | 8008500 |
| **Semiconductors & Semiconductor Equipment (6.0%)** |  |  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 70000 | 5132400 |
| Semtech Corp.<sup>(a)</sup> | 95000 | 6787750 |
| Silicon Motion Technology Corp. (ADR) | 60000 | 5688600 |
|  |  | 17608750 |
| **Specialized REITs (3.5%)** |  |  |
| Lamar Advertising Co. (Class A) | 72500 | 8875450 |
| PotlatchDeltic Corp. | 35000 | 1426250 |
|  |  | 10301700 |
| **Specialty Retail (1.1%)** |  |  |
| Academy Sports & Outdoors, Inc. | 40000 | 2000800 |
| Valvoline, Inc.<sup>(a)</sup> | 35000 | 1256850 |
|  |  | 3257650 |
| **Textiles, Apparel & Luxury Goods (0.4%)** |  |  |
| Columbia Sportswear Co. | 25000 | 1307500 |
| **Water Utilities (1.2%)** |  |  |
| Essential Utilities, Inc. | 90000 | 3591000 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $242,465,737)** |  | $**286778900** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST <br> RATE** | **PAR <br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (3.0%)** | **SHORT-TERM INVESTMENTS (3.0%)** | **SHORT-TERM INVESTMENTS (3.0%)** | **SHORT-TERM INVESTMENTS (3.0%)** |
| **Time Deposits (3.0%)** |  |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 3.44% | $8901941 | $8901941 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $8,901,941)** | **(Cost $8,901,941)** | **(Cost $8,901,941)** | $**8901941** |
| **TOTAL INVESTMENTS - (100.1%)** | **TOTAL INVESTMENTS - (100.1%)** | **TOTAL INVESTMENTS - (100.1%)** |  |
| **(Cost $251,367,678)** | **(Cost $251,367,678)** | **(Cost $251,367,678)** | $**295680841** |
| **OTHER ASSETS AND LIABILITIES, NET - (-0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (-0.1%)** | **OTHER ASSETS AND LIABILITIES, NET - (-0.1%)** | **(387387)** |
| **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | **TOTAL NET ASSETS - (100.0%)** | $**295293454** |

---

**VALUE FUND**

**SCHEDULE OF INVESTMENTS**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (99.1%)** | **SHARES** | **VALUE** |
| **Aerospace & Defense (0.9%)** |  |  |
| Hexcel Corp. | 125000 | $7837500 |
| **Automobile Components (1.9%)** |  |  |
| Linamar Corp. (CAD)<sup>(c)</sup> | 140000 | 7508515 |
| Phinia, Inc. | 150000 | 8622000 |
|  |  | 16130515 |
| **Automobiles (0.6%)** |  |  |
| Thor Industries, Inc. | 50000 | 5184500 |
| **Banks (13.8%)** |  |  |
| Associated Banc-Corp | 400000 | 10284000 |
| Capital City Bank Group, Inc. | 500000 | 20895000 |
| Community Trust Bancorp, Inc. | 150000 | 8392500 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 150000 | 9805500 |
| First Internet Bancorp | 200000 | 4486000 |
| Glacier Bancorp, Inc. | 200000 | 9734000 |
| Heritage Financial Corp. | 275000 | 6652250 |
| MidWestOne Financial Group, Inc. | 175616 | 4968177 |
| Seacoast Banking Corp. of Florida | 300000 | 9129000 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 275000 | 23245750 |
| TriCo Bancshares | 250000 | 11102500 |
|  |  | 118694677 |
| **Chemicals (1.5%)** |  |  |
| Orion SA | 200000 | 1516000 |
| Quaker Chemical Corp. | 85000 | 11198750 |
|  |  | 12714750 |
| **Commercial Services & Supplies (0.7%)** |  |  |
| Perma-Fix Environmental Services, Inc.<sup>(a)</sup> | 400000 | 4040000 |
| Quad/Graphics, Inc. (Class A) | 300000 | 1878000 |
|  |  | 5918000 |
| **Communications Equipment (1.7%)** |  |  |
| AudioCodes, Ltd. | 800000 | 7616000 |
| Lantronix, Inc.<sup>(a)</sup> | 1600000 | 7312000 |
|  |  | 14928000 |
| **Construction & Engineering (3.3%)** |  |  |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 300000 | 15879000 |
| Primoris Services Corp. | 90000 | 12359700 |
|  |  | 28238700 |
| **Construction Materials (0.5%)** |  |  |
| Knife River Corp.<sup>(a)</sup> | 60000 | 4612200 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Consumer Finance (2.8%)** |  |  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 250000 | $10435000 |
| Ezcorp, Inc. (Class A)<sup>(a)</sup> | 700000 | 13328000 |
|  |  | 23763000 |
| **Consumer Staples Distribution & Retail (0.4%)** |  |  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 200000 | 3210000 |
| **Containers & Packaging (0.5%)** |  |  |
| Sonoco Products Co. | 100000 | 4309000 |
| **Diversified Consumer Services (4.6%)** |  |  |
| Carriage Services, Inc. | 207300 | 9233142 |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 1290000 | 30315000 |
|  |  | 39548142 |
| **Diversified REITs (1.7%)** |  |  |
| Alexander & Baldwin, Inc. | 400000 | 7276000 |
| Alpine Income Property Trust, Inc. | 550000 | 7793500 |
|  |  | 15069500 |
| **Electrical Equipment (1.0%)** |  |  |
| Sensata Technologies Holding PLC | 100000 | 3055000 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 225000 | 6012000 |
|  |  | 9067000 |
| **Electronic Equipment, Instruments & Components (0.6%)** |  |  |
| Benchmark Electronics, Inc. | 125000 | 4818750 |
| **Energy Equipment & Services (0.4%)** |  |  |
| Innovex International, Inc.<sup>(a)</sup> | 200000 | 3708000 |
| **Entertainment (0.8%)** |  |  |
| DoubleDown Interactive Co., Ltd. (ADR)<sup>(a)</sup> | 400000 | 3736000 |
| Marcus Corp. | 200000 | 3102000 |
|  |  | 6838000 |
| **Financial Services (5.6%)** |  |  |
| Cass Information Systems, Inc. | 345682 | 13595673 |
| EVERTEC, Inc. | 200000 | 6756000 |
| MGIC Investment Corp. | 450000 | 12766500 |
| Radian Group, Inc. | 300000 | 10866000 |
| Walker & Dunlop, Inc. | 50000 | 4181000 |
|  |  | 48165173 |
| **Food Products (3.1%)** |  |  |
| Calavo Growers, Inc. | 275000 | 7078500 |
| John B Sanfilippo & Son, Inc. | 55000 | 3535400 |
| Mama's Creations, Inc.<sup>(a)</sup> | 200000 | 2102000 |
| Seaboard Corp. | 2000 | 7294000 |
| SunOpta, Inc.<sup>(a)</sup> | 1100000 | 6446000 |
|  |  | 26455900 |
| **Gas Utilities (1.2%)** |  |  |
| UGI Corp. | 300000 | 9978000 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Ground Transportation (1.5%)** |  |  |
| Lyft, Inc. (Class A)<sup>(a)</sup> | 400000 | $8804000 |
| Marten Transport, Ltd. | 400000 | 4264000 |
|  |  | 13068000 |
| **Health Care Equipment & Supplies (4.5%)** |  |  |
| Accuray, Inc.<sup>(a)</sup> | 2500000 | 4175000 |
| DENTSPLY SIRONA, Inc. | 700000 | 8883000 |
| Haemonetics Corp.<sup>(a)</sup> | 75000 | 3655500 |
| Integer Holdings Corp.<sup>(a)</sup> | 40000 | 4133200 |
| Teleflex, Inc. | 150000 | 18354000 |
|  |  | 39200700 |
| **Health Care Providers & Services (0.5%)** |  |  |
| InfuSystem Holdings, Inc.<sup>(a)</sup> | 425000 | 4403000 |
| **Health Care REITs (0.6%)** |  |  |
| Global Medical REIT, Inc. | 152674 | 5146641 |
| **Hotels, Restaurants & Leisure (1.5%)** |  |  |
| Papa John's International, Inc. | 125000 | 6018750 |
| Potbelly Corp.<sup>(a)</sup> | 400000 | 6816000 |
|  |  | 12834750 |
| **Household Durables (3.4%)** |  |  |
| Century Communities, Inc. | 260000 | 16476200 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 100000 | 12892000 |
|  |  | 29368200 |
| **Industrial REITs (1.6%)** |  |  |
| Plymouth Industrial REIT, Inc. | 600000 | 13398000 |
| **Insurance (2.7%)** |  |  |
| International General Insurance Holdings, Ltd. | 300000 | 6960000 |
| Stewart Information Services Corp. | 125000 | 9165000 |
| Tiptree, Inc. | 384155 | 7364251 |
|  |  | 23489251 |
| **Machinery (2.3%)** |  |  |
| Astec Industries, Inc. | 175000 | 8422750 |
| Columbus McKinnon Corp. | 300000 | 4302000 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 300000 | 7446000 |
|  |  | 20170750 |
| **Metals & Mining (6.4%)** |  |  |
| Algoma Steel Group, Inc. | 600000 | 2133000 |
| Centerra Gold, Inc. | 1900000 | 20387000 |
| Eldorado Gold Corp.<sup>(a)</sup> | 600000 | 17334000 |
| Major Drilling Group International, Inc. (CAD)<sup>(a)(c)</sup> | 1000000 | 8363871 |
| New Gold, Inc.<sup>(a)</sup> | 1000000 | 7180000 |
|  |  | 55397871 |
| **Oil, Gas & Consumable Fuels (3.4%)** |  |  |
| Centrus Energy Corp. (Class A)<sup>(a)</sup> | 27500 | 8526925 |
| Magnolia Oil & Gas Corp. (Class A) | 325000 | 7757750 |
| Viper Energy, Inc. | 350000 | 13377000 |
|  |  | 29661675 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Passenger Airlines (1.2%)** |  |  |
| Allegiant Travel Co.<sup>(a)</sup> | 165000 | $10027050 |
| **Personal Care Products (0.2%)** |  |  |
| Synergy CHC Corp.<sup>(a)</sup> | 550000 | 1342000 |
| **Pharmaceuticals (1.2%)** |  |  |
| Perrigo Co. PLC | 450000 | 10021500 |
| **Professional Services (2.4%)** |  |  |
| Barrett Business Services, Inc. | 450000 | 19944000 |
| Star Equity Holdings, Inc.<sup>(a)(d)</sup> | 107673 | 1197324 |
|  |  | 21141324 |
| **Real Estate Management & Development (1.2%)** |  |  |
| Forestar Group, Inc.<sup>(a)</sup> | 400000 | 10636000 |
| **Residential REITs (1.9%)** |  |  |
| BSR Real Estate Investment Trust (CAD)<sup>(c)</sup> | 1300000 | 16449666 |
| **Semiconductors & Semiconductor Equipment (3.7%)** |  |  |
| Photronics, Inc.<sup>(a)</sup> | 350000 | 8032500 |
| Silicon Motion Technology Corp. (ADR) | 250000 | 23702500 |
|  |  | 31735000 |
| **Software (1.9%)** |  |  |
| I3 Verticals, Inc. (Class A)<sup>(a)</sup> | 500000 | 16230000 |
| **Specialized REITs (2.1%)** |  |  |
| National Storage Affiliates Trust | 600000 | 18132000 |
| **Specialty Retail (1.5%)** |  |  |
| Academy Sports & Outdoors, Inc. | 175000 | 8753500 |
| RH<sup>(a)</sup> | 22500 | 4571100 |
|  |  | 13324600 |
| **Textiles, Apparel & Luxury Goods (0.6%)** |  |  |
| Oxford Industries, Inc. | 125000 | 5067500 |
| **Trading Companies & Distributors (1.9%)** |  |  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 75000 | 5481000 |
| Custom Truck One Source, Inc.<sup>(a)</sup> | 700000 | 4494000 |
| DNOW, Inc.<sup>(a)</sup> | 450000 | 6862500 |
|  |  | 16837500 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **Water Utilities (3.3%)** | **Water Utilities (3.3%)** | **Water Utilities (3.3%)** |
| Consolidated Water Co., Ltd. | 225000 | $7938000 |
| Essential Utilities, Inc. | 225000 | 8977500 |
| Global Water Resources, Inc. | 450000 | 4635000 |
| Pure Cycle Corp.<sup>(a)</sup> | 627264 | 6943812 |
|  |  | 28494312 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $607,418,232)** |  | $**854766597** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **INTEREST RATE** | **PAR <br> AMOUNT** | **VALUE** |
| **SHORT-TERM INVESTMENTS (1.1%)** | **SHORT-TERM INVESTMENTS (1.1%)** | **SHORT-TERM INVESTMENTS (1.1%)** | **SHORT-TERM INVESTMENTS (1.1%)** |
| **Time Deposits (1.1%)** |  |  |  |
| JPM Chase (New York)<sup>(b)</sup> | 3.44% | $9845648 | $9845648 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $9,845,648)** |  |  | $**9845648** |
| **TOTAL INVESTMENTS - (100.2%)** | **TOTAL INVESTMENTS - (100.2%)** | **TOTAL INVESTMENTS - (100.2%)** |  |
| **(Cost $617,263,880)** |  |  | $**864612245** |
| **OTHER ASSETS AND LIABILITIES, NET - (-0.2%)** | **OTHER ASSETS AND LIABILITIES, NET - (-0.2%)** | **OTHER ASSETS AND LIABILITIES, NET - (-0.2%)** | **(2109420)** |
| **TOTAL NET ASSETS - (100.0%)** |  |  | $**862502825** |

---

<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 September 30, 2025.

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

<sup>(d)</sup> Hudson Global, Inc. merged into Star Equity Holdings, Inc. on August 22, 2025.

---

| | |
|:---|:---|
| **Common Abbreviations:** | **Common Abbreviations:** |
| ADR | American Depositary Receipt. |
| Ltd. | Limited. |
| PLC | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | Canadian Dollar |

---

Percentages are stated as a percent of net assets.

Sector and Industry classifications are sourced from GICS®, The Global Industry Classification Standard (GICS®) 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.

Notes to schedules of investments

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the preparation of the Schedules of Investments. 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) For financial reporting purposes, transactions are accounted for on trade date on the last business day
of the reporting period. Net realized gains and losses on investments are computed on the identified cost basis. 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;(e) As of September 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 September 30, 2025, the Funds did not hold
any restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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. 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 paid. Net 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;&nbsp;&nbsp;&nbsp;&nbsp;(h) The accompanying Schedules of Investments 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 Schedules of Investments and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MID CAP VALUE FUND** | **MID CAP VALUE FUND** | **MID CAP VALUE FUND** | **MID CAP VALUE FUND** | **MID CAP VALUE FUND** |
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND<br> UNADJUSTED PRICES** | **LEVEL 2 - OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<sup>(a)</sup>** | **LEVEL 3 - SIGNIFICANT<br> UNOBSERVABLE INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $511983024 | $– | $– | $511983024 |
| Short-Term Investments | 9769595 | – | – | 9769595 |
| Total | $521752619 | $– | $– | $521752619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **VALUE PLUS FUND** | **VALUE PLUS FUND** | **VALUE PLUS FUND** | **VALUE PLUS FUND** | **VALUE PLUS FUND** |
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND<br> UNADJUSTED PRICES** | **LEVEL 2 - OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<sup>(a)</sup>** | **LEVEL 3 - SIGNIFICANT<br> UNOBSERVABLE INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $286778900 | $– | $– | $286778900 |
| Short-Term Investments | 8901941 | – | – | 8901941 |
| Total | $295680841 | $– | $– | $295680841 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **VALUE FUND** | **VALUE FUND** | **VALUE FUND** | **VALUE FUND** | **VALUE FUND** |
| **INVESTMENTS IN SECURITIES AT VALUE** | **LEVEL 1 - QUOTED AND<br> UNADJUSTED PRICES** | **LEVEL 2 - OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<sup>(a)</sup>** | **LEVEL 3 - SIGNIFICANT<br> UNOBSERVABLE INPUTS<sup>(b)</sup>** | **TOTAL** |
| Common Stocks | $854766597 | $– | $– | $854766597 |
| Short-Term Investments | 9845648 | – | – | 9845648 |
| Total | $864612245 | $– | $– | $864612245 |

---

<sup>(a)</sup> For detailed industry descriptions and securities identified as Level 2 within the hierarchy, see the accompanying Schedules of Investments.

<sup>(b)</sup> The Funds measure Level 3 activity as of the beginning and end of the financial period. For the nine-month period ended September 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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. As of September 30, 2025, the Funds did not hold any options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

On May 7, 2025, the Funds terminated their Securities Lending Agreement with Brown Brothers Harriman & Co.

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

&nbsp;&nbsp;&nbsp;&nbsp;(6) TRANSACTIONS WITH AFFILIATES

The Mid Cap Value, Value Plus, and Value Funds had no investments in companies deemed "affiliated" (as defined in Section 2(a)(3) of the 1940 Act); that is, a specific Fund held 5% or more of their outstanding voting securities as of September 30, 2025.

The Mid Cap Value and Value Plus Funds had no transactions with affiliates during the nine-month period ended September 30, 2025.

**INVESTMENTS NO LONGER AFFILIATED AS OF SEPTEMBER 30, 2025 - VALUE FUND**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value as of December 31, 2024** | **Purchases** | **Sales** | **Value as of September 30, 2025** | **Share Balance as OF September 30, 2025** | **Dividends** | **Change in Unrealized <br> Gain/(Loss)** | **Realized Gain/(Loss)** |
| Star Equity Holdings, Inc.<sup>(c)</sup> | $3194601 | $– | $1343113 | $1197324 | 107673 | $– | $4125471 | $(4779635) |
| Total | $3194601 | $– | $1343113 | $1197324 | 107673 | $– | $4125471 | $(4779635) |

---

<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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HEARTLAND GROUP INC.

- **b. Investment Company Act file number:** 811-04982

- **c. CIK number of Registrant:** 0000809586

- **d. LEI of Registrant:** 549300TJI5TPMVIHYH92

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 790 N. WATER STREET SUITE 1200

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4143477777

**Item A.2. Information about the Series.**

- **a. Name of Series:** Heartland Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000047207

- **c. LEI of Series:** 549300VKIYMLM6WD0S16

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $523531768.48

**Total Liabilities:** $233547.82

**Net Assets:** $523298220.66

**Cash Not Reported:** $9769594.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000147928 | -0.81%               | 2.74%                | -0.22%               |
| Class ID C000147929 | -0.74%               | 2.68%                | -0.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2821972.63             | $-1256713.12                               |
| Month 2  | $-3434455.36             | $17013536.00                               |
| Month 3  | $525784.66               | $-2737862.89                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lam Research Corp                          | Lam Research Corp.                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     58537 | NS      | $7838104.30   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                      | Camden Property Trust                        | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     44290 | NS      | $4729286.20   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                        | Northern Trust Corp.                         | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    102909 | NS      | $13851551.40  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                        | Leidos Holdings, Inc.                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     63347 | NS      | $11970049.12  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                | Raymond James Financial, Inc.                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     20162 | NS      | $3479961.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                      | Mohawk Industries, Inc.                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     54176 | NS      | $6984369.92   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                             | A.O. Smith Corp.                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    152205 | NS      | $11173369.05  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                 | Nucor Corp.                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     34411 | NS      | $4660281.73   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                            | Xcel Energy, Inc.                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    120174 | NS      | $9692033.10   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                 | Kirby Corp.                                  | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     48366 | NS      | $4036142.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                             | Public Storage                               | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     71733 | NS      | $20720077.05  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                  | Teledyne Technologies, Inc.                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     44366 | NS      | $26000250.64  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pnc Financial Services Group Inc/the       | PNC Financial Services Group, Inc.           | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     57395 | NS      | $11532377.35  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                              | Ingredion, Inc.                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     17328 | NS      | $2115922.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wec Energy Group Inc                       | WEC Energy Group, Inc.                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     47839 | NS      | $5481871.01   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                       | Keurig Dr Pepper, Inc.                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    221404 | NS      | $5648016.04   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eog Resources Inc                          | EOG Resources, Inc.                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    119341 | NS      | $13380512.92  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co Plc                             | Perrigo Co. PLC                              | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |    498466 | NS      | $11100837.82  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                    | Aramark                                      | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |    252430 | NS      | $9693312.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                | Hubbell, Inc.                                | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |     19740 | NS      | $8494319.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                               | Centene Corp.                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    299885 | NS      | $10699896.80  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc               | Texas Capital Bancshares, Inc.               | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     65686 | NS      | $5552437.58   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Te Connectivity Ltd                        | TE Connectivity PLC                          | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     54959 | NS      | $12065149.27  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                 | CarMax, Inc.                                 | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     45985 | NS      | $2063346.95   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Factset Research Systems Inc               | FactSet Research Systems, Inc.               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     11944 | NS      | $3421836.56   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp Of America                  | Packaging Corp. of America                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     17360 | NS      | $3783264.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                         | Coterra Energy, Inc.                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    224580 | NS      | $5311317.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group, Ltd.                     | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     85658 | NS      | $7771750.34   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| On Semiconductor Corp                      | ON Semiconductor Corp.                       | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    105535 | NS      | $5203930.85   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                       | Generac Holdings, Inc.                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     11637 | NS      | $1948033.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                                  | Ball Corp.                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    212745 | NS      | $10726602.90  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/the                          | Middleby Corp.                               | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     69431 | NS      | $9229462.83   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                            | Robert Half International, Inc.              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     90661 | NS      | $3080660.78   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                 | Grand Canyon Education, Inc.                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     14334 | NS      | $3146599.68   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                  | Qorvo, Inc.                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     68602 | NS      | $6248270.16   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                        | Thor Industries, Inc.                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     48357 | NS      | $5014137.33   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Jb Hunt Transport Services Inc             | JB Hunt Transport Services, Inc.             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     84627 | NS      | $11354404.59  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Horton Inc                              | DR Horton, Inc.                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     74839 | NS      | $12682965.33  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nov Inc                                    | NOV, Inc.                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    768939 | NS      | $10188441.75  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                      | Becton Dickinson & Co.                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     63078 | NS      | $11806309.26  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services, Inc. | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     67676 | NS      | $4462555.44   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/the                             | Hershey Co.                                  | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     92825 | NS      | $17362916.25  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                 | Watsco, Inc.                                 | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     28110 | NS      | $11364873.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                        | DENTSPLY SIRONA, Inc.                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    382552 | NS      | $4854584.88   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                           | Donaldson Co., Inc.                          | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    164852 | NS      | $13493136.20  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                   | Essex Property Trust, Inc.                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     29483 | NS      | $7891419.78   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                     | International Paper Co.                      | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     94329 | NS      | $4376865.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew Plc                         | Smith & Nephew PLC                           | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    261538 | NS      | $9491214.02   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                | Exelon Corp.                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    357998 | NS      | $16113489.98  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                           | Vail Resorts, Inc.                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     35766 | NS      | $5349520.62   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Plc                   | Willis Towers Watson PLC                     | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     23473 | NS      | $8108747.85   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                      | Southwest Airlines Co.                       | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     49831 | NS      | $1590107.21   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc              | Lincoln Electric Holdings, Inc.              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     24644 | NS      | $5811794.52   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp            | Old Republic International Corp.             | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    126474 | NS      | $5371350.78   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ppg Industries Inc                         | PPG Industries, Inc.                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     99709 | NS      | $10480412.99  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-clark Corp                        | Kimberly-Clark Corp.                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    105671 | NS      | $13139132.14  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                          | Everest Group, Ltd.                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     20159 | NS      | $7060286.57   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                 | Sysco Corp.                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    140641 | NS      | $11580379.94  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                      | Quest Diagnostics, Inc.                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     29568 | NS      | $5635069.44   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstenergy Corp                           | FirstEnergy Corp.                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |    317846 | NS      | $14563703.72  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** HEARTLAND GROUP INC.

**Signature:** Nicole Best

**Name of Signer:** Nicole Best

**Title:** Chief Financial Officer and Chief Administrative