Tax Information

This information is provided to assist in preparing income tax returns. Contact your Heartland Relationship Manager with questions about your account, taxable distributions, or cost basis.

2020 Tax Distributions

Investor Class
Institutional Class

	Select Value* (HRSVX)	Mid Cap Value (HRMDX)	Value Plus (HRVIX)	Value (HRTVX)
Record Date	10/13/2020	12/28/2020	12/28/2020	12/28/2020
Payable Date	10/14/2020	12/29/2020	12/29/2020	12/29/2020
Short-Term Capital Gain ($/share)	0.00000	0.00000	0.22560	0.00000
Long-Term Capital Gain ($/share)	0.68476	0.00000	0.00000	0.18973
Ordinary Dividend ($/share)	0.19378	0.05786	0.18135	0.13920

	Select Value* (HNSVX)	Mid Cap Value (HNMDX)	Value Plus (HNVIX)	Value (HNTVX)
Record Date	10/13/2020	12/28/2020	12/28/2020	12/28/2020
Payable Date	10/14/2020	12/29/2020	12/29/2020	12/29/2020
Short-Term Capital Gain ($/share)	0.00000	0.00000	0.22560	0.00000
Long-Term Capital Gain ($/share)	0.68476	0.00000	0.00000	0.18973
Ordinary Dividend ($/share)	0.24534	0.06968	0.27869	0.19383

*See prospectus (pdf) for additional information.

2021 Distributions Calendar

	Mid Cap Value	Value Plus	Value
Record Date	12/28/2021	12/28/2021	12/28/2021
Payable Date	12/29/2021	12/29/2021	12/29/2021

Form 1099-DIV Information

Taxable ordinary income, qualified dividends, and capital gains distributions are reported on Form 1099-DIV. Forms 1099-DIVs will be mailed by January 31, 2021. You will not receive a Form 1099-DIV if your distributions are less than $10.

Distributions are taxable whether you receive them in cash or have them reinvested in your account. Short-term capital gains are subject to ordinary income tax rates and will be treated as ordinary dividends on your tax returns.

Percentage of Income Derived from U.S. Government Securities

Some mutual funds invest in securities issued by the U.S. government or other federal agencies. Interest on these securities may be exempt from state taxation. Certain states also exempt the dividend income a shareholder receives from a fund’s investment in U.S. government securities.

During 2019, for tax returns filed in 2020, the Heartland Value Fund received 2.12% of eligible income. The percentage for Heartland Select Value, Value Plus and Mid Cap Value Funds, for the same period, is 0%.

Income Derived from Foreign Sources

During 2019, none of the Heartland Funds were eligible for the foreign tax credit.

Cost Basis Reporting

Federal regulations require mutual funds to track and report to the IRS cost basis for shares purchased in taxable accounts on or after January 1, 2012. Generally, these shares are considered "covered shares." Shares purchased before January 1, 2012 are "noncovered shares."

If you purchased shares prior to January 1, 2012, Heartland maintains separate cost basis calculations:

	Covered Shares	Noncovered Shares
Purchased	After January 1, 2012	Before January 1, 2012
How Heartland Calculates Cost Basis	Average cost method	Average cost method
How Shares are Redeemed	First in, first out	First in, first out
Changing Cost Basis Election	See instructions to change your cost basis election	Not available

Form 1099-B

For regular taxable accounts, Heartland provides a Form 1099-B reporting the cost basis of any noncovered and covered shares.

The cost basis information for covered shares will be reported to the IRS, and you are required to use the information when preparing your individual tax return.

The cost basis information provided for noncovered shares is not required and is offered as a courtesy.

Historical Distribution Information

Distributions are paid per share to anyone who is a shareholder on the record date, regardless of how long they have been invested. On the payable date, the share price of the Fund will be reduced by the amount of the distribution, and distributions will be paid as of market close.

Distributions are automatically reinvested unless you change your dividend distribution election.

Select Value Fund

Investor Class
Institutional Class

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
10/13/2020	10/14/2020	0.19378	0.00000	0.68476
12/26/2019	12/27/2019	0.22031	0.33279	0.84157
12/27/2018	12/28/2018	0.32448	0.14020	3.57557
12/27/2017	12/28/2017	0.42327	-	3.47325
12/28/2016	12/29/2016	0.32901	-	3.55079
12/28/2015	12/29/2015	0.29471	-	2.69596
12/29/2014	12/30/2014	0.13505	-	3.73090
12/26/2013	12/27/2013	0.12467	0.40227	5.04691
12/26/2012	12/27/2012	0.13263	-	1.00166
12/28/2011	12/29/2011	0.128132	-	0.293044
12/28/2010	12/29/2010	0.157125	-	-
12/28/2009	12/29/2009	0.141912	-	-
12/26/2008	12/29/2008	0.131279	-	-
3/28/2008	3/31/2008	0.000424	-	-
12/26/2007	12/27/2007	0.172824	0.187278	2.233630

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
10/13/2020	10/14/2020	0.24534	0.00000	0.68476
12/26/2019	12/27/2019	0.28328	0.33279	0.84157
12/27/2018	12/28/2018	0.39589	0.14020	3.57557
12/27/2017	12/28/2017	0.50149	-	3.47325
12/28/2016	12/29/2016	0.40396	-	3.55079
12/28/2015	12/29/2015	0.37470	-	2.69596
12/29/2014	12/30/2014	0.25584	-	3.73090
12/26/2013	12/27/2013	0.25238	0.40227	5.04691
12/26/2012	12/27/2012	0.24740	-	1.00166
12/28/2011	12/29/2011	0.226517	-	0.293044
12/28/2010	12/29/2010	0.227143	-	-
12/28/2009	12/29/2009	0.205304	-	-
12/26/2008	12/29/2008	0.204619	-	-

Mid Cap Value Fund

Investor Class
Institutional Class

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
12/28/2020	12/29/2020	0.05786	-	-
12/26/2019	12/27/2019	0.09830	-	0.17885
12/27/2018	12/28/2018	0.13413	0.28817	0.54456
12/27/2017	12/28/2017	0.09048	0.19499	0.50601
12/28/2016	12/29/2016	0.08174	-	-
12/28/2015	12/29/2015	0.06589	0.09823	0.00205
12/29/2014	12/30/2014	0.03173	-	-

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
12/28/2020	12/29/2020	0.06968	-	-
12/26/2019	12/27/2019	0.10873	-	0.17885
12/27/2018	12/28/2018	0.15843	0.28817	0.54456
12/27/2017	12/28/2017	0.12172	0.19499	0.50601
12/28/2016	12/29/2016	0.08442	-	-
12/28/2015	12/29/2015	0.12479	0.09823	0.00205
12/29/2014	12/30/2014	0.02329	-	-

Value Plus Fund

Investor Class
Institutional Class

Record
Date

Payable
Date

Ordinary Dividend
($/share)

Short-Term Capital
Gain ($/share)

Long-Term Capital
Gain ($/share)

12/28/2020

12/29/2020

0.18135

0.22560

12/26/2019

12/27/2019

0.52086

12/27/2018

12/28/2018

0.32280

12/27/2017

12/28/2017

0.04556

12/28/2016

12/29/2016

0.19593

12/28/2015

12/29/2015

0.20797

1.90702

12/29/2014

12/30/2014

0.06825

0.30014

2.84734

12/26/2013

12/27/2013

0.16431

0.54157

3.30825

12/26/2012

12/27/2012

0.35668

0.20864

0.60760

12/28/2011

12/29/2011

0.183006

0.319936

12/30/2010

12/31/2010

0.078769

12/28/2010

12/29/2010

0.160541

3/30/2010

3/31/2010

0.019995

3/30/2010

3/31/2010

0.001223

12/30/2009

12/31/2009

0.081006

9/29/2009

9/30/2009

0.016893

6/29/2009

6/30/2009

0.013335

3/30/2009

3/31/2009

0.074305

9/29/2008

9/30/2008

0.023100

6/27/2008

6/230/2008

0.031991

3/28/2008

3/31/2008

0.048473

12/26/2007

12/27/2007

0.366103

3.707176

9/27/2007

9/28/2007

0.218534

0.213593

0.602828

6/28/2007

6/29/2007

0.047600

3/29/2007

3/30/2007

0.154655

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
12/28/2020	12/29/2020	0.27869	0.22560	-
12/26/2019	12/27/2019	0.59788	-	-
12/27/2018	12/28/2018	0.40925	-	-
12/27/2017	12/28/2017	0.12164	-	-
12/28/2016	12/29/2016	0.22625	-	-
12/28/2015	12/29/2015	0.31363	-	1.90702
12/29/2014	12/30/2014	0.18133	0.30014	2.84734
12/26/2013	12/27/2013	0.28097	0.54157	3.30825
12/26/2012	12/27/2012	0.45243	0.20864	0.60760
12/28/2011	12/29/2011	0.284872	-	0.319936
12/30/2010	12/31/2010	0.138722	-	-
12/28/2010	12/29/2010	-	-	0.160541
3/30/2010	3/31/2010	0.032692	-	-
3/30/2010	3/31/2010	0.013036	-	-
12/30/2009	12/31/2009	0.093645	-	-
9/29/2009	9/30/2009	0.026711	-	-
6/29/2009	6/30/2009	0.022818	-	-
3/30/2009	3/31/2009	0.118031	-	-
9/29/2008	9/30/2008	0.038800	-	-
6/27/2008	6/30/2008	0.039712	-	-

Value Fund

Investor Class
Institutional Class

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
12/29/2020	12/29/2020	0.13920	-	0.18973
12/26/2019	12/27/2019	0.11058	-	1.09276
12/27/2018	12/28/2018	0.06214	0.28550	2.09926
12/27/2017	12/28/2017	0.04117	-	2.60800
12/28/2016	12/29/2016	-	-	1.43802
12/28/2015	12/29/2015	0.13994	-	2.82914
12/29/2014	12/30/2014	0.22288	1.11429	4.12240
12/26/2013	12/27/2013	0.42958	1.17103	3.98433
12/26/2012	12/27/2012	-	0.17740	2.74405
12/28/2011	12/29/2011	-	0.675954	1.798273
12/28/2010	12/29/2010	-	0.058470	-
3/28/2008	3/31/2008	-	-	0.084234
12/26/2007	12/27/2007	0.239182	0.710262	5.923943

No distributions were paid in 2009.

Record Date	Payable Date	Ordinary Dividend ($/share)	Short-Term Capital Gain ($/share)	Long-Term Capital Gain ($/share)
12/28/2020	12/29/2020	0.19383	-	0.18973
12/26/2019	12/27/2019	0.17769	-	1.09276
12/27/2018	12/28/2018	0.13454	0.28550	2.09926
12/27/2017	12/28/2017	0.12267	-	2.60800
12/28/2016	12/29/2016	-	-	1.43802
12/28/2015	12/29/2015	0.20977	-	2.82914
12/29/2014	12/30/2014	0.30599	1.11429	4.12240
12/26/2013	12/27/2013	0.50608	1.17103	3.98433
12/26/2012	12/27/2012	-	0.17740	2.74405
12/28/2011	12/29/2011	-	0.675954	1.798273
12/28/2010	12/29/2010	-	0.058470	-

No distributions were paid in 2008 and 2009.