2009 Distributions - Institutional Class

Institutional Class Shares commenced operations on May 1, 2008.

Note:  The Heartland Value Fund did not pay an ordinary dividend on 12/29/09.

Value Plus Fund (HNVIX)

Record Date Payable Date Reinvest Price Ordinary Dividend Short-Term Capital Gain Distribution Long-Term Capital Gain Distribution
12/30/09 12/31/09 $23.40 $0.093645 $0.000000 $0.000000
9/29/09 9/30/09 $22.24 $0.026711 $0.000000 $0.000000
6/29/09 6/30/09 $19.36 $0.022818 $0.000000 $0.000000
3/30/09 3/31/09 $16.46 $0.043660 $0.000000 $0.000000
3/30/09 3/31/09 $16.46 $0.074371* $0.000000 $0.000000

Select Value Fund (HNSVX)

Record Date Payable Date Reinvest Price Ordinary Dividend Short-Term Capital Gain Distribution Long-Term Capital Gain Distribution
12/28/09 12/29/09 $25.13 $0.205304 $0.000000 $0.000000

* This is a "capital gains spillover" distribution which represents capital gains recognized by the Fund between November 1st and December 31st, 2008, but not paid until 2009. Neither Heartland Funds nor any of its representatives may give legal or tax advice.

"Ordinary Dividend" represents net investment income (interest and dividends). "Short-Term Capital Gains Distribution" represents net short-term capital gains, which are profits on the sale of securities held one year or less. "Long-Term Capital Gains Distribution" represents net long-term capital gains, which are profits on the sale of securities held more than one year.

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