Heartland Advisors

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Select Value Fund
This Fund invests in a limited number of stocks of all market capitalization sizes and is designed to be an investor's core value holding.

Value Plus Fund
This Fund is a focused portfolio of small company value stocks that pay dividends.

This Fund is a broadly diversified portfolio of small and very small company value stocks.

Ribbens focusing on value
Dave Ribbens provides compelling reasons to start with value when building an equity portfolio.
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2010 Fund distribution estimates
Preliminary estimates of year-end distributions to be paid in December 2010. More information.

For more than 25 years, Heartland Advisors' fundamental research has discovered attractive investments in the U.S. and around the globe.

With the inception of this Fund, our investment process, driven by the 10 Principles of Value Investing™, is applied to smaller dividend-paying companies outside the U.S.

* The Heartland International Small Cap Fund is another mutual fund advised and managed by Heartland Advisors, Inc. and is a series of the Trust for Professional Managers. The Heartland Funds include the Select Value, Value Plus and Value Funds.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. As of 10/31/10 the Select Value Fund was rated against 350, 271 and 88 mid-cap value funds over the 3-, 5- and 10-year periods, respectively. The Value Plus Fund was rated against 310, 250 and 128 small value funds over the 3-, 5- and 10-year periods, respectively. The Value Fund was rated against 310, 250 and 128 small value funds over the 3-, 5- and 10-year periods, respectively. The Select Value Fund has received Morningstar's 4-star rating for the 3-, 5- and 10-year periods. The Value Plus Fund has received Morningstar's 5-star rating for the 3-, 5- and 10-year periods. The Value Fund has received Morningstar's 3-star rating for the 3-, 5- and 10-year periods. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar's risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately which may cause slight variations in the distribution percentages.) The Morningstar Ratings™ are for the specified share class; other classes may have different performance characteristics.

Annually, Lipper, an independent monitor of mutual funds, determines the fund classification winner over 3, 5 and 10 years based on the highest Lipper Leader for Consistent Return value within each eligible classification. Consistent Return reflects funds' historic returns, adjusted for volatility, relative to peers and relies on monthly data.

Lipper does not guarantee the accuracy of this information. As of December 31, 2009, for the 10, 5, 3 and 1 year periods, the Fund was ranked 2 of 103, 1 of 218, 3 of 281 and 61 of 347. The Heartland Select Value Fund had a negative average annual return for the 3 year period as of December 31, 2009. As of October 31, 2010, for the 10, 5, 3 and 1-year periods, the Fund's Lipper numeric rankings were 2 of 85, 5 of 228, 13 of 277 and 83 of 325, respectively.

Past performance does not guarantee future results. Performance information for the Institutional Class Shares prior to May 1, 2008 is based on the performance of the Investor Class. Performance represents past performance; current returns may be lower or higher. 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. To obtain performance through the most recent month end, call 800-432-7856 or visit the Funds' Returns page on the website. 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.

The Funds invest 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 values may not be recognized by the broad market. The Select Value and Value Plus Funds also invest in a smaller number of stocks (generally 30 to 60) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Funds’ returns.

The recent rise in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue. Because of the ongoing market volatility, fund performance may be subject to substantial short-term changes.

In the prospectus dated 5/1/10, the gross expense ratios for the Heartland Select Value, Value Plus and Value Funds Investor Class shares were 1.27%, 1.21% and 1.18%, respectively. The expense ratios for the Heartland Select Value Fund, Value Plus Fund and Value Fund Institutional Class Shares were 0.94%, 1.03% and 0.94%, 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's "Net Operating Expenses" at a ratio of 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Also, through November 30, 2001, the Advisor voluntarily waived a portion of the Select Value Fund's expenses. Without such waivers, total returns would have been lower.

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*Effective May 1, 2008, shares previously issued by the Funds were reclassified as "Investor Class Shares."

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Since 1950, the S&P 500 averaged a 25% return for the year following September 30 of every mid-term election year.
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Morningstar Proprietary Ratings™ reflect historical risk-adjusted performance as of October 31, 2010. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics.

Heartland Select Value Fund has been awarded the Best Multi-Cap Value Fund over the 3- and 5-year periods.
The awards were earned based on Lipper's category of highest consistent return for each time period ending December 31, 2009, among 267 and 211 funds, respectively.