HEARTLAND SELECT VALUE FUND

3Q16

PortfolioCommentary

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information may be found in the prospectus (pdf). To obtain a print prospectus, call 800-432-7856. Please read the prospectus carefully before investing.The Heartland Funds are distributed by ALPS Distributors, Inc.

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Market Recap

Major indices built on last

quarter’s move higher

Strength was broad in the Russell

3000® Value Index—9 of 11

sectors were positive

Cyclicals were up,

supported by positive

sentiment toward U.S.

& global economies

Defensives lagged

due to fading

recession fears

We believe the

search for

attractive multiples

boosted smaller

companies, which

have trailed much

of the past

18 months

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Portfolio Attribution Analysis

The Fund modest ly

underperformed i ts

benchmark, returning

3.64% compared to the

Russel l 3000 ® Value

Index’s 3 .87%

View full performance as of the most recent month- and quarter-end.

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or

higher. Performance information for institutional class shares of Funds that existed prior to 5/1/2008, is based on the performance

of investor class shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may

be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not

reflect the deduction of taxes that an investor would pay on distributions or redemptions. Subject to certain exceptions, shares of

a Fund redeemed or exchanged within 10 days (90 days for the International Value Fund) of purchase are subject to a 2%

redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.

In the prospectus (pdf) dated 5/1/2016, the gross expense ratios for the investor and institutional classes of the Select Value Fund are 1.20%

and 0.94%, respectively. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class,

to the extent necessary to maintain the institutional class “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily

net assets. This voluntary waiver/reimbursement may be discontinued at any time. Also, through 11/30/2001, the Advisor voluntarily waived

a portion of the Fund’s expenses. Without such waivers and/or reimbursements, total returns may have been lower.

AVERAGE ANNUAL TOTAL RETURNS (annualized for multi–year periods)

Source: FactSet Research Systems Inc., Russell®, and Heartland Advisors, Inc.

The inception date for the Select Value Fund is 10/11/96 for the investor class and 5/1/08 for the institutional class.

As of 9/30/16 Since

Inception

10-Year

(%)

5-Year

(%)

3-Year

(%)

1-Year

(%)

Year to

Date (%)

3Q16

(%)

Select Value

Investor Class

9.93 6.74 12.66 5.73 15.04 8.23 3.64

Select Value

Institutional Class

10.07 7.01 12.99 6.03 15.30 8.44 3.72

Russell 3000®

Value

8.54 5.84 16.09 9.46 16.38 10.40 3.87

PORTFOLIO POSITIVES VS. THE BENCHMARK

Financial holdings were a source of

strength, followed by names in Materials

Industrial holdings were mostly up

and contained a top contributor

A standout name in network

computing led IT holdings

PORTFOLIO NEGATIVES VS.

THE BENCHMARK

Health Care

names lagged

Performance

among

portfolio’s

smaller stocks

Security

selection in

Consumer

Staples—driven

by a single retail

holding

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Portfolio Activity

Given the

unsettled

economy, we

think volatile

stocks present

greater

downside risk

WE’VE SOUGHT TO

MITIGATE DOWNSIDE

RISK BY:

• Holding higher market cap

stocks with strong franchises

• Seeking smaller companies

with dominant industry

positions or realistic

opportunities to improve

results through self-help

measures

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Outlook & Positioning

WE CONTINUE TO

FIND VALUE IN LATE-

STAGE CYCLICALS &

LARGER COMPANIES

We’ve balanced our exposure to

economically sensitive names with those

that produce more consistent results

regardless of the economy

We’ve structured

the portfolio

to potentially

benefit

from stable

companies with

idiosyncratic

factors, while also

monitoring

allocation risk

The byproduct of our bottom-up research is a

portfolio with stronger balance sheets, which is

more levered to global growth and is less sensitive

to changes in dollar strength or a rise in inflation

The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of

investments and investment strategies represents the presenters' views as of the date created and are subject to

change without notice. The opinions expressed are for general information only and are not intended to provide specific

advice or recommendations for any individual. Any forecasts may not prove to be true. Economic predictions are based

on estimates and are subject to change.

Because of ongoing market volatility, performance may be subject to substantial short–term changes.

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

Sector and industry classifications as determined by Heartland Advisors may reference data from sources such as

FactSet Research Systems, Inc. or the Global Industry Classification Codes (GICS) developed by Standard & Poor’s

and Morgan Stanley Capital International.

There is no guarantee that a particular investment strategy will be successful.

In addition to stocks of large companies, the Select Value Fund invests in small- and mid-sized companies that are

generally less liquid and more volatile than large companies. The Fund also invests in a smaller number of stocks

(generally 40 to 60) than the average mutual fund. The performance of these holdings generally will increase the

volatility of the Fund’s returns.

Heartland’s investing glossary provides definitions for several terms used on this page.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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