# EDGAR Filing Document

**Accession Number:** 0000809586
**File Stem:** 0001752724-25-191150
**Filing Date:** 2025-8
**Character Count:** 35783
**Document Hash:** 2ed44e41657c3f3a15fcc69d591eba25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-191150.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001752724-25-191150

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**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:** 251226487

**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           |

## 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 Value Fund

- **b. EDGAR series identifier (if any):** S000003523

- **c. LEI of Series:** 549300HFL14M3BD6SU47

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $783812532.66

**Total Liabilities:** $511483.73

**Net Assets:** $783301048.93

**Cash Not Reported:** $16918658.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009765 | -3.77%               | 7.33%                | 5.39%                |
| Class ID C000063871 | -3.79%               | 7.36%                | 5.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3873695.60             | $-23710626.78                              |
| Month 2  | $241838.74               | $50341290.16                               |
| Month 3  | $12178459.35             | $26631367.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Perma-fix Environmental Services Inc         | Perma-Fix Environmental Services, Inc.         | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |    400000 | NS      | $4208000.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                         | Alaska Air Group, Inc.                         | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     85000 | NS      | $4205800.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                         | Quaker Chemical Corp.                          | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     75000 | NS      | $8395500.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Midwestone Financial Group Inc               | MidWestOne Financial Group, Inc.               | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140616 | NS      | $4045522.32   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bsr Real Estate Investment Trust             | BSR Real Estate Investment Trust               | CUSIP: 05585D103<br>LEI: 254900JO0IGNDM4G5Q74 | Long             | EC               | CORP              | CA        |   1300000 | NS      | $16935560.86  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                           | Eldorado Gold Corp.                            | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    600000 | NS      | $12204000.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                             | Viper Energy, Inc.                             | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    250000 | NS      | $9532500.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd                         | Marten Transport, Ltd.                         | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $5196000.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ugi Corp                                     | UGI Corp.                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    350000 | NS      | $12747000.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                        | Mohawk Industries, Inc.                        | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |    100000 | NS      | $10484000.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corp            | Stewart Information Services Corp.             | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    125000 | NS      | $8137500.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                               | Photronics, Inc.                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    350000 | NS      | $6590500.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                       | Primoris Services Corp.                        | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |    100000 | NS      | $7794000.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc                            | Centerra Gold, Inc.                            | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |   1800000 | NS      | $12978000.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                        | Customers Bancorp, Inc.                        | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    150000 | NS      | $8811000.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus Corp/the                              | Marcus Corp.                                   | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |    150000 | NS      | $2529000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                  | Hexcel Corp.                                   | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |    125000 | NS      | $7061250.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                  | EVERTEC, Inc.                                  | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    110000 | NS      | $3965500.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Trico Bancshares                             | TriCo Bancshares                               | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250000 | NS      | $10122500.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Algoma Steel Group Inc                       | Algoma Steel Group, Inc.                       | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |    500000 | NS      | $3445000.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nwpx Infrastructure Inc                      | NWPX Infrastructure, Inc.                      | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |    300000 | NS      | $12303000.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray Inc                                  | Accuray, Inc.                                  | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |   2500000 | NS      | $3425000.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                  | Capital City Bank Group, Inc.                  | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |    500000 | NS      | $19675000.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp      | Science Applications International Corp.       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     60000 | NS      | $6756600.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Quad/graphics Inc                            | Quad/Graphics, Inc.                            | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |    300000 | NS      | $1695000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                                 | New Gold, Inc.                                 | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   2000000 | NS      | $9900000.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                             | I3 Verticals, Inc.                             | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |    586742 | NS      | $16123670.16  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                  | Community Trust Bancorp, Inc.                  | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $7938000.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-corp                         | Associated Banc-Corp                           | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    400000 | NS      | $9756000.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Global Inc                            | Hudson Global, Inc.                            | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |    195568 | NS      | $1664283.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc                | Academy Sports & Outdoors, Inc.                | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125000 | NS      | $5601250.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Infusystem Holdings Inc                      | InfuSystem Holdings, Inc.                      | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |    425000 | NS      | $2652000.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                     | Lyft, Inc.                                     | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    200000 | NS      | $3152000.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc                | Papa John's International, Inc.                | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |    100000 | NS      | $4894000.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc                        | Carriage Services, Inc.                        | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207300 | NS      | $9481902.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                         | Chart Industries, Inc.                         | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |    100000 | NS      | $16465000.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ezcorp Inc                                   | Ezcorp, Inc.                                   | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |    700000 | NS      | $9716000.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co Plc                               | Perrigo Co. PLC                                | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |    300000 | NS      | $8016000.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust            | National Storage Affiliates Trust              | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |    400000 | NS      | $12796000.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                          | Centrus Energy Corp.                           | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |     90000 | NS      | $16486200.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc                   | Global Water Resources, Inc.                   | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    450000 | NS      | $4585500.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc                 | Texas Capital Bancshares, Inc.                 | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    275000 | NS      | $21835000.00  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International Inc       | Major Drilling Group International, Inc.       | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $6506333.76   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc             | Alpine Income Property Trust, Inc.             | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422980 | NS      | $6222035.80   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services Corp            | Lincoln Educational Services Corp.             | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |   1295807 | NS      | $29868351.35  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc                   | Thermon Group Holdings, Inc.                   | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    200000 | NS      | $5616000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                          | Glacier Bancorp, Inc.                          | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    200000 | NS      | $8616000.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                     | Encore Capital Group, Inc.                     | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |    200000 | NS      | $7742000.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp Plc                    | Gates Industrial Corp. PLC                     | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |    300000 | NS      | $6909000.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                                 | Teleflex, Inc.                                 | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     50000 | NS      | $5918000.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding Plc             | Sensata Technologies Holding PLC               | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     50000 | NS      | $1505500.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                                  | Tiptree, Inc.                                  | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $7074000.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                      | Magnolia Oil & Gas Corp.                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $6744000.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                         | National Fuel Gas Co.                          | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     50000 | NS      | $4235500.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantronix Inc                                | Lantronix, Inc.                                | CUSIP: 516548203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1930000 | NS      | $5539100.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                 | Cass Information Systems, Inc.                 | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |    345682 | NS      | $15019882.90  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp                          | PotlatchDeltic Corp.                           | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |    155000 | NS      | $5947350.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp               | Silicon Motion Technology Corp.                | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |    266100 | NS      | $20002737.00  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc                         | Mama's Creations, Inc.                         | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $2490000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Calavo Growers Inc                           | Calavo Growers, Inc.                           | CUSIP: 128246105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    275000 | NS      | $7312250.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc                | Healthcare Services Group, Inc.                | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    400000 | NS      | $6012000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial Reit Inc                 | Plymouth Industrial REIT, Inc.                 | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    600000 | NS      | $9636000.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Audiocodes Ltd                               | AudioCodes, Ltd.                               | CUSIP: M15342104<br>LEI: 529900TA48138NEVR854 | Long             | EC               | CORP              | IL        |    700000 | NS      | $6874000.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus Mckinnon Corp/ny                    | Columbus McKinnon Corp.                        | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |    450000 | NS      | $6871500.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                          | Thor Industries, Inc.                          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     50000 | NS      | $4440500.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                              | Pure Cycle Corp.                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    627264 | NS      | $6724270.08   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mgic Investment Corp                         | MGIC Investment Corp.                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    450000 | NS      | $12528000.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                        | Integer Holdings Corp.                         | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     40000 | NS      | $4918800.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                      | Century Communities, Inc.                      | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |    250000 | NS      | $14080000.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| International General Insurance Holdings Ltd | International General Insurance Holdings, Ltd. | CUSIP: G4809J106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    300000 | NS      | $7206000.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Nov Inc                                      | NOV, Inc.                                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    200000 | NS      | $2486000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/wa                   | Heritage Financial Corp.                       | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    275000 | NS      | $6556000.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Water Co Ltd                    | Consolidated Water Co., Ltd.                   | CUSIP: G23773107<br>LEI: 5299001BMEW8X9VIJA73 | Long             | EC               | CORP              | KY        |    225000 | NS      | $6754500.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                           | Forestar Group, Inc.                           | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    400000 | NS      | $8000000.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dnow Inc                                     | DNOW, Inc.                                     | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |    450000 | NS      | $6673500.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                          | DENTSPLY SIRONA, Inc.                          | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    800000 | NS      | $12704000.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc                         | Astec Industries, Inc.                         | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |    175000 | NS      | $7295750.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Custom Truck One Source Inc                  | Custom Truck One Source, Inc.                  | CUSIP: 23204X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1123391 | NS      | $5549551.54   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc                    | Benchmark Electronics, Inc.                    | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |    125000 | NS      | $4853750.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Doubledown Interactive Co Ltd                | DoubleDown Interactive Co., Ltd.               | CUSIP: 25862B109<br>LEI: 549300QDTNGJYJ49CP60 | Long             | EC               | CORP              | KR        |    400000 | NS      | $3828000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Potbelly Corp                                | Potbelly Corp.                                 | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |    650000 | NS      | $7962500.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunopta Inc                                  | SunOpta, Inc.                                  | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |   1100000 | NS      | $6380000.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                                | Seaboard Corp.                                 | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |      2000 | NS      | $5722400.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp                       | First Internet Bancorp                         | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |    200000 | NS      | $5380000.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                      | Alexander & Baldwin, Inc.                      | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $7132000.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc                  | John B Sanfilippo & Son, Inc.                  | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     10000 | NS      | $632400.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                             | Haemonetics Corp.                              | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    100000 | NS      | $7461000.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                                   | Phinia, Inc.                                   | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |    100000 | NS      | $4449000.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                             | Knife River Corp.                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $3673800.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp Of Florida             | Seacoast Banking Corp. of Florida              | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    300000 | NS      | $8286000.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                             | Radian Group, Inc.                             | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    350000 | NS      | $12607000.00  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Sa                                     | Orion SA                                       | CUSIP: L72967109<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    600000 | NS      | $6294000.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Linamar Corp                                 | Linamar Corp.                                  | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |    140000 | NS      | $6662015.79   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc                | Barrett Business Services, Inc.                | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |    450000 | NS      | $18760500.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Nicole Best

**Name of Signer:** Nicole Best

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