QUARTERLY COMMENTARY HEARTLAND VALUE FUND

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1 HEARTLAND VALUE FUND d.

2 *Prior to October 2009, index domestic equity ETF data included fewer than 7 actively managed domestic equity ETFs. Exchange Traded Fund (ETF) Source: Investment Company Institute, 2017 Investment Company Fact Book, Washington, DC. Data shows cumulative flows to and net share issuance of domestic equity mutual funds and index ETFs. Equity mutual fund flows include net new cash flow and reinvested dividends. Data excludes mutual funds that invest primarily in other mutual funds.

3 Russell 2000 Value Less Russell 2000 Growth Index 10- Annualized Rolling Returns Source: Furey Research Partners, LLC and Russell, 12/31/1978 to 12/31/2017, annualized return over rolling 10-year periods Economic predictions are based on estimates and are subject to change. Additional information for indices shown at end of material. All indices are unmanaged. It is not possible to invest directly in an index. Past performance does not guarantee future results.

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5 As of December 31, 2017 Value Fund (Investor Class) Value Fund (Institutional Class) Russell 2000 Value Index Since Inception Twenty- Five Ten Five Three Source: FactSet Research Systems Inc., Russell, and Heartland Advisors, Inc. The inception date for the Value Fund is 12/28/1984 for the investor class and 5/1/2008 for the institutional class. One -To- Date 4Q % % 5.46 % 8.66 % 3.91 % 8.42 % 8.42 % 0.93 % In the prospectus dated 5/1/2017, the gross expense ratios for the investor and institutional classes of the Value Fund are 1.09% and 0.92%, 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. Without such waivers and/or reimbursements, total returns may have been lower. Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance for the institutional class shares prior to their inception is based on the performance of the 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 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 through the most recent month end, call , or visit heartlandadvisors.com. An investor should consider the Fund s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Fund s prospectus. To obtain a prospectus, please call or visit heartlandadvisors.com. Please read the prospectus carefully before investing. The statements and opinions expressed in this article are those of the presenter(s). Any discussion of investments and investment strategies represents the presenter s 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. The specific securities discussed above, which are intended to illustrate the advisor s investment style, do not represent all of the securities purchased, sold, or recommended by the advisor for client accounts, and the reader should not assume that an investment in these securities was or would be profitable in the future. Certain security valuations and forward estimates are based on Heartland Advisors calculations. Any forecasts may not prove to be true. Economic predictions are based on estimates and are subject to change. There is no guarantee that a particular investment strategy will be successful. Because of ongoing market volatility, performance may be subject to substantial short-term changes. As of 12/31/2017, Hudson Global, Inc., MGIC Investment Corporation, Tesla, Inc., The Bancorp, Inc., and Willbros Group, Inc. represented 0.88%, 2.29%, 0.00%, 1.85%, and 0.49% of the Value Fund s net assets, respectively. Portfolio holdings are subject to change. Current and future holdings are subject to risk. 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. Heartland Advisors defines market cap ranges by the following indices: micro-cap by the Russell Microcap, small-cap by the Russell 2000, mid-cap by the Russell Midcap, large-cap by the Russell Top 200. Growth and value investing each have unique risks and potential for rewards and may not be suitable for all investors. A growth investing strategy emphasizes capital appreciation and typically carries a higher risk of loss and potential reward than a value investing strategy; a value investing strategy emphasizes investments in companies believed to be undervalued. Dividends are not guaranteed and a company s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. INVESTMENT CONSIDERATIONS The Value Fund invests primarily in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market. INVESTMENT GOAL The Value Fund seeks long-term capital appreciation through investing in small companies. The members of the portfolio management team are registered representatives of ALPS Distributors, Inc.

6 Additional Information for Indices in Chart (calendar year annual returns %): Russell 2000 Growth Index Russell 2000 Value Index Russell 2000 Growth Index Russell 2000 Value Index Russell 2000 Growth Index Russell 2000 Value Index Source: FactSet Research Systems Inc. and Russell Past performance does not guarantee future results. Definitions: Exchange Traded Fund (ETF): is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold. Leverage is the amount of debt used to finance a firm's assets. A firm with significantly more debt than equity is considered to be highly leveraged. Momentum: is the rate of acceleration of a security's price or trade volume. Net Debt/Total Capital Ratio: of a stock is calculated as a company's interest-bearing liabilities minus cash or cash equivalents divided by its total capital, which is represented by the company's debt and shareholders' equity, and includes common stock, preferred stock, minority interest and net debt. Price/Earnings Ratio: of a stock is calculated by dividing the current price of the stock by its trailing or its forward 12 months earnings per share. Tangible Book Value: is the sum of all of a company s assets, minus its liabilities and intangible assets, such as goodwill. NASDAQ 100 Index includes 100 of the largest domestic and international nonfinancial companies listed on The NASDAQ Stock Market based on market capitalization. Russell 2000 Index: includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 2000 Growth and Value indices consist of stocks within the Russell 2000 index with respective value and growth characteristics as determined by Russell Investments. S&P 500 Index: is an index of 500 U.S. stocks chosen for market size, liquidity and industry group representation and is a widely used U.S. equity benchmark. All indices are unmanaged. It is not possible to invest directly in an index. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell is a trademark of the Frank Russell Investment Group. Data sourced from FactSet: Copyright 2018 FactSet Research Systems Inc., FactSet Fundamentals. All rights reserved. HLF5934/0418