Our Investments in the Heartland Funds

"Eating Our Own Cooking"

An essential part of our investment process is to look for companies with meaningful insider ownership. We believe high insider ownership provides tangible evidence of executives’ personal commitment to their company.

This belief also applies to Heartland with employees investing alongside our shareholders and owning a personal stake in the Funds. In this way, we demonstrate our commitment to shareholders and conviction to our investment process. 

Portfolio Management's Investments in the Heartland Funds as of 9/30/08
  Value Fund Value Plus Fund Select Value Fund Total Investments
in the Funds
Ted Baszler  $10,001 - $50,000  $1 - $10,000  $100,001 - $500,000  $100,001 - $500,000
 Hugh Denison Over $1,000,000  $100,001 - $500,000 Over $1,000,000 Over $1,000,000
 Brad Evans  $100,001 - $500,000  $100,001 - $500,000  None  $100,001 - $500,000
 David Fondrie  $100,001 - $500,000  $100,001 - $500,000  $100,001 - $500,000  $100,001 - $500,000
 Bill Nasgovitz  Over $1,000,000  Over $1,000,000  Over $1,000,000 Over $1,000,000
 Will Nasgovitz  $100,001 - $500,000  $50,001 - $100,000  $100,001 - $500,000  $100,001 - $500,000
 Adam Peck  $1 - $10,000 $100,001 - $500,000 None $100,001 - $500,000
 Mike Petroff  $10,001 - $50,000  $10,001 - $50,000  $10,001 - $50,000 $50,001 - $100,000

The above individuals are Registered Representatives of ALPS Distributors, Inc.

Additional information regarding portfolio managers' and the Heartland Board of Directors' ownership in the Heartland Funds is available in our SAI.

Heartland Code of Ethics

Heartland’s Code of Ethics requires employees to obtain pre-authorization from our compliance department for personal trading in Heartland Fund shares. A number of other restrictions on personal trading are also outlined in the Code. The Code is posted on our website, as part of our Business Conduct Rules, for convenient public access.

The Heartland Code of Ethics generally prohibits all employees from purchasing securities of any company with a market capitalization of less than $2 billion, which includes many of the securities in which we invest.

© 2008 Heartland Funds
789 N. Water Street, Suite 500, Milwaukee, WI 53202 • 1-800-432-7856
The Heartland Funds are distributed by ALPS Distributors, Inc.
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