Heartland Advisors

Board of Directors & Firm Governance

The investment management, trading and operational functions of Heartland Advisors are governed by comprehensive policies, procedures, and oversight bodies.

Heartland Funds Board of Directors

Heartland Funds Value Mutual Funds Board of DirectorsAn independent Board of Directors is responsible for the management of the Heartland Funds, as well as providing broad supervision of business operations.

The Board meets quarterly to review the investments, performance, and expenses of the Funds. It also establishes, monitors, and reviews numerous policies and procedures governing the business conduct of Heartland.

The Statement of Additional Information provides further information about the Board and its Directors.


Ward D. Armstrong
Armstrong has been a Director since February 2008. He has extensive experience in developing, evaluating, and monitoring asset management portfolios. He has a strong background and knowledge base in selling, marketing, and distributing mutual fund shares, and he previously served as a director on the boards of two other asset management firms.


  • NorthRock Partners, Managing Partner, 2010-2015
  • Ameriprise Trust Company, Chairman, 1996-2007
  • Ameriprise Financial, Senior Vice President, 1984-2007
  • American Express Asset Management Group, President, 2002-2004

Dianna Gonzales-Burdin 
Gonzalez-Burdin has been a Director since April 2022. She has significant investment industry, investment strategy assessment, portfolio management and business experience, as well as a strong knowledge of capital markets, operations and risk assessment in the mutual fund industry.


  • Strategic Investment Group, Managing Director and Head of Global Equities, 1991-2021
  • Barclays Global Investors, various roles prior to 1991

Dale J. Kent
Kent has been a Director since August 2003, and he is Chair of the Audit Committee. He has strong knowledge of accounting, compliance, and risk assessment in the mutual fund industry. He has supervised numerous audits of mutual funds and hedge funds, as well as provided audit and related services to asset managers and securities firms.


  • West Bend Mutual Insurance of Wisconsin, Executive Vice President and CFO, 2002-2017
  • Arthur Andersen, Partner, 1986-2002
  • Arthur Andersen, various capacities, 1974-1985

Robert A. Rudell
Rudell has been a Director since February 2005, and is Chair of the Board. His experience in the asset management industry includes responsibility for systems, operations, and financial reporting. He brings a strong knowledge of operations, compliance, and risk assessment in the mutual fund industry.


  • Optimum Funds, Board Director, 2003-present
  • Medtox Scientific, Board Director, 2002-2012
  • Vantagepoint Funds, 2007-2011
  • Zurich Scudder Investments, COO, 1998-2002
  • Scudder Retirement Services, President, 1996-1998
  • IDS/American Express, President of Institutional Retirement Services and other capacities, 1973-1996

Dina Tantra
Tantra has been a Director since April 2022. She has an extensive background in financial services business strategy, legal and compliance. Through her experience and senior leadership roles, she possesses a strong knowledge of operations, compliance and risk assessment in the mutual fund industry.


  • Global Rhino, LLC, Co-Chief Executive Officer, 2018-Present
  • CCO Technology, LLC, Chief Strategy Officer, 2019-Present
  • Ultimus Fund Solutions, Executive Vice President, 2017-2018
  • Foreside Financial Services, LLC, Managing Director, 2016-2017
  • Beacon Hill Fund Services, Director and General Counsel, 2008-2016
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Will Nasgovitz

Nasgovitz is CEO and Portfolio Manager of the Mid Cap Value Fund and the Value Fund, as well as their corresponding Mid Cap Value and Small Cap Value Strategies. He is also President and Director of Heartland Funds. He has 22 years of industry experience, 19 at Heartland.

Board Committees

Audit Committee

  • Selects the independent registered public accounting firm
  • Oversees preparation of financial statements
  • Reviews compliance policies and procedures
  • Evaluates risk assessment and risk management policies

Nominating and Governance Committee

  • Suggests candidates for appointment to the Board in the event of vacancies and re-election, when required
  • Accepts recommendations from shareholders

Firm Officers

Officers manage the daily business operations of the Funds under the Board’s direction and supervision.

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Heartland Advisors Value Investing Nicole Best

Nicole J. Best

Senior Vice President, Chief Financial Officer, and Chief Administrative Officer

Heartland Advisors Value Investing Portfolio Manager Will Nasgovitz

Will Nasgovitz

CEO and Portfolio Manager

Heartland Advisors Value Investing Vinita Paul

Vinita K. Paul

Vice President, Chief Compliance Officer, General Counsel, and Secretary

Heartland Advisors Committees

Brokerage Committee

  • Reviews trade execution and allocation to ensure a fair and equitable process
  • Reviews commissions paid for research and other services provided for the benefit of clients

Business Conduct and Rules Committee

  • Monitors compliance with the Firm's Business Conduct Rules and Code of Ethics
  • Produces interpretive guidance regarding the Rules
  • Takes remedial actions in response to violations

Disclosure Controls Committee

  • Maintains and evaluates effectiveness of procedures for releasing regulatory information and financial reports
  • Ensures accuracy of regulatory and financial reports

Investment Management Team

  • Meets weekly to discuss various issues related to investment concepts, including cash management

Investment Policy Committee

  • Reviews portfolio and market risks
  • Reviews operational and procedural risks

Pricing Committee

  • Ensures security valuations are consistent with Heartland’s policies and procedures

Firm Operating Policies

©2023 Heartland Advisors | 790 N. Water Street, Suite 1200, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856

CIPM is a registered trademark owned by CFA Institute.

Nicole J. Best, Will Nasgovitz, and Vinita K. Paul are registered representatives of ALPS Distributors, Inc.

The Heartland Funds are distributed by ALPS Distributors, Inc.