HEARTLAND ADVISORS, INC.

CRD 29433File 801-19074

APPROVED

Retail clients

Disclosure events

Filing as of Feb 26, 2026

Feed vintage Aug 17, 2026

Regulatory AUM

$1.92B

Top 25% of cohort (national)

Discretionary AUM

$1.92B

Clients

93 accounts

Employees

Top 25% of cohort in WI

Identity & registration

ADV Item 1

Organization form: Corporation
Firm type: Registered
SEC region: CHRO
Registration date: Jun 23, 1983
Principal office: 790 N WATER STREET SUITE 1200, MILWAUKEE, WI, 53202
Phone: 414-347-7777
Website: HTTPS://WWW.INSTAGRAM.COM/HEARTLANDFUNDS

Assets & accounts

ADV Item 5F

Total regulatory AUM: $1.92B
Discretionary AUM: $1.92B
Non-discretionary AUM: $0
Discretionary accounts: 93
Non-discretionary accounts: 0
Total accounts: 93
AUM per client: $21.3M

Clients by type

ADV Item 5D

Client type	Clients	AUM
Other	7	$56.1M
Investment companies	3	$1.64B
Charitable organizations	Fewer than 5	$21.5M
Other investment advisers	Fewer than 5	$0
High net worth individuals	48	$167.7M
Pension and profit sharing plans	Fewer than 5	$11.4M
Individuals (other than high net worth individuals)	32	$21.2M

Compensation & activities

ADV Items 5E, 5G

Compensation

A percentage of assets under your management

Advisory activities

Portfolio management for businesses
Portfolio management for investment companies
Portfolio management for individuals and/or small businesses

Custody

ADV Item 9

Firm Custody Cash: No
Firm Custody Assets: No
Firm Custody Clients: No
Firm Custody Securities: No
Related Person Custody Cash: No
Related Person Custody Assets: No
Related Person Custody Clients: No
Related Person Custody Securities: No

Disclosure events

ADV Item 11

Q11
Q11C2
Q11C4
Q11C5

Filed changes

Date	Field	From	To
Aug 12, 2026	Registration	—	APPROVED

Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.