Value-Oriented Mutual Funds
for Long-Term Investors

©2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance, rankings and ratings are no guarantee of future results. Rankings and ratings change monthly. Investment return and principal value will fluctuate so that your shares, when redeemed may be worth more or less than their original purchase price. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar's risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately which may cause slight variations in the distribution percentages.) The Morningstar Ratings™ are for the specified share class; other classes may have different performance characteristics.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. The Select Value Fund was rated against 329, 226 and 77 mid-cap value funds over the 3-, 5- and 10-year periods, respectively. The Value Plus and Value Funds were rated against 331, 267 and 109 small value funds over the 3-, 5-, and 10-year periods, respectively. The Select Value Fund has received Morningstar's 5-star rating for the 3-year period and 4-star ratings for the 5- and 10-year periods. The Value Plus Fund has received Morningstar's 5-star rating for the 3- and 5-year period and 3-star rating for the 10-year period. The Value Fund has received Morningstar's 4-star rating for the 3- and 10-year periods and 3-stars for the 5-year period.

As of the Prospectus dated 5/1/08, the expense ratios for the Heartland Select Value Fund, Value Plus Fund and Value Fund Investor Class shares are 1.24%, 1.21% and 1.14%, respectively. The expense ratios as of the same date for the Heartland Select Value Fund, Value Plus Fund and Value Fund Institutional Class Shares are 0.99%, 0.96% and 0.89%, respectively. The expense ratios for the Institutional Class shares are based on estimated gross expenses for the fiscal year ended December 31, 2008. Actual expenses may vary from those indicated. The performance of the Heartland Funds reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management, fund accounting, and distribution (when applicable) and service fees. The performance shown reflects the reinvestment of all dividends, capital gains distributions, waivers and expense reimbursements. More current information may be available in a more recent Semiannual or Annual Report. 

Past performance does not guarantee future results. Performance information for the Institutional Class Shares prior to May 1, 2008 is based on the performance of the Investor Class. The performance data quoted represents past performance and current returns may be lower or higher. 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, 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 of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain performance information current to the most recent month end, please visit the Average Annual Returns pages of our website, or call 1-800-432-7856.

The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the Institutional Class Shares of the Fund, to the extent necessary to maintain the Institutional Class shares' "Net Annual Operating Expenses" at a ratio of 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Also, prior to December 1, 2001, the Advisor voluntarily waived a portion of the Select Value Fund's expenses. Without such waivers and/or reimbursements, the total returns of the respective Fund and/or Class may have been lower.

The Funds invest in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic values. The Select Value and Value Plus Funds also invest in a smaller number of stocks (generally 30 to 60) than the average mutual fund. The performance of these holdings may increase the volatility of the Funds’ returns.