Mid Cap Value Fund 2Q16 RecapAn 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.

• The U.S. dollar weakening vs. other world currencies

• Higher oil prices

Within the stock market, concerns about deflation were dampened due to …

Investment dollars started to move into more economically sensitive areas of the market

This was welcome news for valuation-conscious managers, like Heartland

Our commitment to companies with compelling

valuations was rewarded

The Fund outperformed its benchmark for the quarter, returning 6.24% compared to the Russell Midcap® Value Index’s 4.77%

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 Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the investor and institutional classes of the Mid Cap Value Fund are 1.25% and 0.99%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for the investor class shares and 0.99% for the institutional class shares, through at least 10/31/2017,

and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the Total Annual Fund Operating Expenses would be 3.55% for the investor class shares and 3.41% for the institutional class shares.

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

1.49 % 1.16 % 8.54 % 6.24 %

1.75 1.38 8.67 6.36

3.74 3.25 8.87 4.77

Year-To-

Date

2Q

2016

Mid Cap Value Fund (Investor Class)

Mid Cap Value Fund (Institutional Class)

Russell Midcap® Value Index

One

Year

As of

June 30, 2016

Since

Inception

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

The inception date for the Mid Cap Value Fund is 10/31/2014 for the investor and institutional class.

The Fund’s investor class was ranked by Morningstar in the 25th

percentile out of 470 Mid Cap Value Funds for the 1-year period

as of 6/30/16

The Percent Rank in Category is the Fund’s total return percentile rank relative to all funds within the same Morningstar Category and is subject to change each month. The Heartland Mid Cap Value Fund investor class was rated against 470 U.S.-domiciled Mid Cap Value Funds over the 1-year period and ranked in the 25th percentile.

Two areas with noteworthy returns: Our stocks in Industrials

and Materials performed well

We reduced our exposure to mall-based retail businesses, because we believe inflation could hamper consumer-oriented businesses that don’t have pricing power

Looking forward, we see market volatility as an opportunity to upgrade the quality of our holdings

The path of the U.S. economy seems unpredictable

• Fund expansion in a growth environment

• Or provide a cushion in a downturn

It’s why we’re targeting financially strong companies, because we think they should be able to either …

We think strong balance sheets will matter no matter what scenario plays out for the economy

In the prospectus (pdf) dated 5/1/2016, the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the investor and institutional classes of the Mid Cap Value Fund are 1.25% and 0.99%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for the investor class shares and 0.99% for the institutional class shares, through at least 10/31/2017, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the Total Annual Fund Operating Expenses would be 3.55% for the investor class shares and 3.41% for the institutional class shares.

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.

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.

The Mid Cap Value Fund invests in a smaller number of stocks (generally 30 to 60) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund’s returns. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Directors may determine to liquidate the Fund.

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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