Godfrey & Kahn, S.C., 833 East Michigan Street, Suite 1800, Milwaukee, WI 53202-5615

Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

HEARTLAND MID CAP VALUE FUND

INSTITUTIONAL CLASS : HNMDX

Semi-Annual Tailored Shareholder Report - June 30, 2026 (Unaudited)

FUND OVERVIEW

This semi-annual shareholder report contains important information about Heartland Mid Cap Value Fund - Institutional Class for the period from January 1, 2026 to June 30, 2026.

You can find additional information about the Fund at https://www.heartlandadvisors.com/Strategies/Heartland-Mid-Cap-Value-Fund. You can also request this information by contacting us at 800-432-7856 or by email at shareholderservices@heartlandfunds.com.

WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Heartland Mid Cap Value Fund - Institutional	$45	0.85%

HOW DID THE FUND PERFORM THIS PERIOD?

In a market where returns were concentrated among perceived AI beneficiaries, the Mid Cap Value Fund trailed the Russell Midcap^® Value Index in the six months ended June 30, 2026.

WHAT FACTORS INFLUENCED PERFORMANCE?

Negative stock selection drove most of the Fund’s underperformance, with the majority of the selection drag coming from the Technology sector. This occurred despite Tech being the top absolute return contributor by a wide margin.

We recognize that even when markets correctly identify a technology’s profound impact, shareholder returns can remain uncertain for decades. The long-term beneficiaries of revolutionary advancements are often consumers and companies that harness those technologies as they become cheaper and more widely available—not necessarily infrastructure suppliers that can experience boom-bust cycles. That’s why the team remains disciplined, using our 10 Principles of Value Investing™ and scenario-based price targets to identify mispriced companies across AI’s winners, perceived losers, and overlooked opportunities.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?

The graph represents historical performance of a hypothetical investment of $500,000 in the Fund over the past ten years.

TOTAL RETURN BASED ON A $500,000 INVESTMENT

Table Summary
	Heartland Mid Cap Value Fund - Institutional	Russell 3000^® Index (Regulatory Benchmark)	Russell Midcap^® Value Index
2016	$500,000	$500,000	$500,000
2016	$593,430	$543,961	$551,094
2017	$643,099	$658,903	$624,633
2018	$589,845	$624,365	$547,868
2019	$740,731	$818,036	$696,132
2020	$793,902	$988,906	$730,693
2021	$1,019,305	$1,242,670	$937,756
2022	$990,961	$1,003,992	$824,922
2023	$1,126,944	$1,264,596	$929,804
2024	$1,169,858	$1,565,668	$1,051,330
2025	$1,174,335	$1,834,109	$1,167,492
2026	$1,345,132	$2,033,587	$1,372,761

AVERAGE ANNUAL TOTAL RETURNS

Table Summary
Heartland Mid Cap Value Fund	1 Year	5 Year	10 Year
Mid Cap Value Fund - Institutional Class	14.22%	6.87%	10.40%
Russell 3000^® Index (Regulatory Benchmark)	22.82%	12.31%	15.06%
Russell Midcap^® Value Index	26.62%	9.48%	10.63%

Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND STATISTICS

Total Net Assets$496,425,277
Number of Portfolio Holdings61
Portfolio Turnover Rate26%
Net Advisory Fees Paid$1,569,659

Past performance does not

guarantee future results.

Updated performance information

is available at

https://www.heartlandadvisors.com/Performance.

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

TOP TEN HOLDINGS (% of Net Assets)

Table Summary
Top 10	Top 10
Teledyne Technologies, Inc.	4.5%
EOG Resources, Inc.	3.7%
Exelon Corp.	3.4%
Public Storage	3.4%
Watsco, Inc.	3.1%
JB Hunt Transport Services, Inc.	3.1%
Becton Dickinson & Co.	2.9%
Keysight Technologies, Inc.	2.7%
NOV, Inc.	2.7%
Hershey Co.	2.6%

SECTOR WEIGHTINGS

(% of Net Assets)

Table Summary
Value	Value
Cash, Cash Equivalents, & Other Net Assets	1.0%
Consumer Staples	5.1%
Real Estate	5.5%
Materials	7.1%
Consumer Discretionary	8.4%
Information Technology	8.9%
Utilities	9.4%
Energy	9.7%
Financials	12.3%
Health Care	13.2%
Industrials	19.4%

ASSET CLASS WEIGHTINGS

(% of Net Assets)

Table Summary
Value	Value
Common Stock	99.0%
Cash, Cash Equivalents, & Other Net Assets	1.0%

AVAILABILITY OF ADDITIONAL INFORMATION

You can find additional information about the Fund at https://www.heartlandadvisors.com/Resources/Regulatory-Resources, including the Fund's prospectus, financial information, holdings, proxy voting policies, and proxy voting record. You can also request this information by contacting us at 800-432-7856.

HEARTLAND MID CAP VALUE FUND - INSTITUTIONAL CLASS : HNMDX

Semi-Annual Tailored Shareholder Report - June 30, 2026

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.heartlandadvisors.com/Resources/Regulatory-Resources

If you invest directly with Heartland Funds you can elect to receive future shareholder reports or other important documents through electronic delivery by establishing online access and enrolling at www.heartlandadvisors.com/Heartland-Advisors/Log-in-Heartland-site. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Distributor: ALPS Distributors, Inc.

Website: www.heartlandadvisors.com

Phone: 800-432-7856

422352799–SA–06302026