Distributions - Institutional Class

Effective May 1, 2008, shares previously issued by the Funds were reclassified as "Investor Class Shares", and "Institutional Class Shares" were made available to investors.

Notice to Value Plus Fund shareholders: Effective 5/1/2010, all of the net investment income of the Fund will be paid annually as a dividend.

Value Plus Fund (HNVIX)

Record Date	Payable Date	Reinvest Price	Ordinary Dividend	Short-Term Capital Gain Distribution	Long-Term Capital Gain Distribution
3/30/10	3/31/10	$25.61	$0.032692	$0.000000	$0.000000
3/30/10	3/31/10	$25.61	$0.013036*	$0.000000	$0.000000
12/30/09	12/31/09	$23.40	$0.093645	$0.000000	$0.000000
9/29/09	9/30/09	$22.24	$0.026711	$0.000000	$0.000000
6/29/09	6/30/09	$19.36	$0.022818	$0.000000	$0.000000
03/30/09	03/31/09	$16.46	$0.118031	$0.000000	$0.000000
12/29/08	12/31/08	$18.72	$0.000000	$0.000000	$0.000000
9/29/08	9/30/08	$24.21	$0.038800	$0.000000	$0.000000
6/27/08	6/30/08	$24.95	$0.039712	$0.000000	$0.000000

Select Value Fund (HNSVX)

Record Date	Payable Date	Reinvest Price	Ordinary Dividend	Short-Term Capital Gain Distribution	Long-Term Capital Gain Distribution
12/28/09	12/29/09	$25.13	$0.205304	$0.000000	$0.000000
12/26/08	12/29/08	$17.06	$0.204619	$0.000000	$0.000000

* This is a "capital gains spillover" distribution which represents capital gains recognized by the Fund between November 1st and December 31st, 2009, but not paid until 2010. Neither Heartland Funds nor any of its representatives may give legal or tax advice.