Stock Research

At the annual Lipper awards ceremony held in New York last night, the Heartland Select Value Fund (Nasdaq:HRSVX) received the 2008 Lipper Fund Award for the Best Multi-Cap Value Fund over the past 10 years. The award was earned based on Lipper’s category of highest Consistent Return for the 10 years ending December 31, 2007. The Fund was ranked #1 of 93 multi-cap value funds for that time period.

“The Select Value Fund’s investment process with a focus on protecting downside risk has served shareholders well over the last 10 years,” said Dave Fondrie, portfolio manager of the Select Value Fund. “We’re pleased that our disciplined investment process has allowed us to generate consistent results in a variety of market environments over the long-term.”

Annually, Lipper, an independent monitor of mutual funds, awards the top rated fund from each Lipper classification that achieved the highest Consistent Return scores. A fund’s Consistent Return score evaluates its risk-adjusted returns, measured in local currency, relative to peers, for the three-year, five-year, and ten-year periods, as well as overall.

About Heartland Funds:

Heartland Funds is advised by Heartland Advisors, Inc. an independently owned Milwaukee-based firm established in 1983 and renowned as America’s Value Investor®. As of March 31, 2008, the firm managed approximately $2.6 billion for institutional and high net worth clients and the Heartland family of value-driven mutual funds. Each fund utilizes Heartland’s disciplined and time-tested 10 Principles of Value InvestingTM to identify stocks with strong financial profiles and low prices relative to their earnings, cash flows and book values. For more information, visit www.heartlandfunds.com.

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Funds’ prospectus. To obtain a prospectus, please call 1-800-432-7856 or visit www.heartlandfunds.com. Please read the prospectus carefully before investing.

Kim O’Connor is a registered representative of ALPS Distributors, Inc.

In addition to stocks of large companies, the Select Value Fund invests in small and mid-sized companies that are generally less liquid than large companies. The Fund also invests in a smaller number of stocks (generally 40 to 60) than the average mutual fund. The performance of these holdings may increase the volatility of the Fund’s returns. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic values. Prior to December 1, 2001, the Advisor voluntarily waived a portion of the Select Value Fund’s expenses. Without such waivers, Select Value Fund’s total returns would have been lower.

Past performance is no guarantee of future results. Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 1, 3, 5, 10 and Since Inception periods, the Fund is ranked 106 of 441, 33 of 332, 25 of 267, 5 of 95 and 5 of 79 for the period ended December 31, 2007.

The Heartland Select Value Fund was awarded the 2008 Lipper Fund Award in the Multi-Cap Value Funds category and was first among 93 funds for the 10-year time period ended December 31, 2007. The Fund Overall time periods are an equal weighted average of scores for the three-, five-, and ten- year periods, if applicable. Lipper presents the award annually to one fund in each category that achieved the highest combined score of risk-adjusted returns and the strength of the Fund’s performance trend relative to other funds in its category. Lipper Fund Awards are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Heartland Funds is distributed by ALPS Distributors, Inc.