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      <regLei>549300TJI5TPMVIHYH92</regLei>
      <regStreet1>790 N. WATER STREET SUITE 1200</regStreet1>
      <regCity>MILWAUKEE</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4143477777</regPhone>
      <seriesName>Heartland Value Plus Fund</seriesName>
      <seriesId>S000003524</seriesId>
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      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
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      <totLiabs>170275.33</totLiabs>
      <netAssets>293696524.24</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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        <name>Builders Firstsource Inc</name>
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        <name>Cooper Cos Inc/the</name>
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        <name>Enerpac Tool Group Corp</name>
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        <name>Fnb Corp/pa</name>
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          <isin value="GB00BD9G2S12"/>
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        <curCd>USD</curCd>
        <valUSD>6783000.00000000</valUSD>
        <pctVal>2.309526821113</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Granite Construction Inc</name>
        <lei>549300OM4BWMCIXVCZ39</lei>
        <title>Granite Construction, Inc.</title>
        <cusip>387328107</cusip>
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          <isin value="US3873281071"/>
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        <balance>47500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5694300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hayward Holdings Inc</name>
        <lei>N/A</lei>
        <title>Hayward Holdings, Inc.</title>
        <cusip>421298100</cusip>
        <identifiers>
          <isin value="US4212981009"/>
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        <balance>325000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4348500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hexcel Corp</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp.</title>
        <cusip>428291108</cusip>
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          <isin value="US4282911084"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1618600.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Icon Plc</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON PLC</title>
        <cusip>G4705A100</cusip>
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          <isin value="IE0005711209"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1659900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Idex Corp</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX Corp.</title>
        <cusip>45167R104</cusip>
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          <isin value="US45167R1041"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2843250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Innovex International Inc</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Innovex International, Inc.</title>
        <cusip>457651107</cusip>
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          <isin value="US4576511079"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2439000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integer Holdings Corp</name>
        <lei>549300SUD2ED5XG6X569</lei>
        <title>Integer Holdings Corp.</title>
        <cusip>45826H109</cusip>
        <identifiers>
          <isin value="US45826H1095"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3520000.00000000</valUSD>
        <pctVal>1.198516056364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Quaker Chemical Corp</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp.</title>
        <cusip>747316107</cusip>
        <identifiers>
          <isin value="US7473161070"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4348050.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lamar Advertising Co</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Co.</title>
        <cusip>512816109</cusip>
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          <isin value="US5128161099"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8866200.00000000</valUSD>
        <pctVal>3.018830414470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Littelfuse Inc</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse, Inc.</title>
        <cusip>537008104</cusip>
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          <isin value="US5370081045"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8483750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lattice Semiconductor Corp</name>
        <lei>549300LRBBPZDQ2II567</lei>
        <title>Lattice Semiconductor Corp.</title>
        <cusip>518415104</cusip>
        <identifiers>
          <isin value="US5184151042"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5565600.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp</name>
        <lei>N/A</lei>
        <title>Magnolia Oil &amp; Gas Corp.</title>
        <cusip>559663109</cusip>
        <identifiers>
          <isin value="US5596631094"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6787550.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Matador Resources Co</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485205</cusip>
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          <isin value="US5764852050"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6318000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Materion Corp</name>
        <lei>549300CJ5RI351SUYT02</lei>
        <title>Materion Corp.</title>
        <cusip>576690101</cusip>
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          <isin value="US5766901012"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6509250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nov Inc</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV, Inc.</title>
        <cusip>62955J103</cusip>
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          <isin value="US62955J1034"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6583500.00000000</valUSD>
        <pctVal>2.241599561668</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Envista Holdings Corp</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp.</title>
        <cusip>29415F104</cusip>
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          <isin value="US29415F1049"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9513750.00000000</valUSD>
        <pctVal>3.239313105464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northwestern Energy Group Inc</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>Northwestern Energy Group, Inc.</title>
        <cusip>668074305</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>One Gas Inc</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas, Inc.</title>
        <cusip>68235P108</cusip>
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        <balance>75000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prestige Consumer Healthcare Inc</name>
        <lei>N/A</lei>
        <title>Prestige Consumer Healthcare, Inc.</title>
        <cusip>74112D101</cusip>
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          <isin value="US74112D1019"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3556200.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phinia Inc</name>
        <lei>254900HG6MORZE1FFM18</lei>
        <title>Phinia, Inc.</title>
        <cusip>71880K101</cusip>
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          <isin value="US71880K1016"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6844000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Primo Brands Corp</name>
        <lei>254900J0WS4AXV2LAX55</lei>
        <title>Primo Brands Corp.</title>
        <cusip>741623102</cusip>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4236750.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Renasant Corp</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>Renasant Corp.</title>
        <cusip>75970E107</cusip>
        <identifiers>
          <isin value="US75970E1073"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6322750.00000000</valUSD>
        <pctVal>2.152817441868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Royalty Pharma Plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma PLC (Class A)</title>
        <cusip>G7709Q104</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9594000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Seacoast Banking Corp Of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>Seacoast Banking Corp. of Florida</title>
        <cusip>811707801</cusip>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9087000.00000000</valUSD>
        <pctVal>3.094010058006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Stifel Financial Corp</name>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9240000.00000000</valUSD>
        <pctVal>3.146104647956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Silicon Motion Technology Corp</name>
        <lei>5299005RBVBZQJTYFC89</lei>
        <title>Silicon Motion Technology Corp. (ADR)</title>
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          <isin value="US82706C1080"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4491600.00000000</valUSD>
        <pctVal>1.529333726922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Semtech Corp</name>
        <lei>549300J7WUY317SW6O61</lei>
        <title>Semtech Corp.</title>
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          <isin value="US8168501018"/>
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        <balance>52500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4036725.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sensient Technologies Corp</name>
        <lei>CMMZHMFZQG86EI7WZU92</lei>
        <title>Sensient Technologies Corp.</title>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3457600.00000000</valUSD>
        <pctVal>1.177269635365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hanover Insurance Group Inc/the</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>The Hanover Insurance Group, Inc.</title>
        <cusip>410867105</cusip>
        <identifiers>
          <isin value="US4108671052"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6067250.00000000</valUSD>
        <pctVal>2.065822881527</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Thor Industries Inc</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
        <cusip>885160101</cusip>
        <identifiers>
          <isin value="US8851601018"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3195600.00000000</valUSD>
        <pctVal>1.088061906169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tyler Technologies Inc</name>
        <lei>25490040SMU4Z8LBCW70</lei>
        <title>Tyler Technologies, Inc.</title>
        <cusip>902252105</cusip>
        <identifiers>
          <isin value="US9022521051"/>
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        <balance>4250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1455115.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viper Energy Inc</name>
        <lei>5299009LINL232255G03</lei>
        <title>Viper Energy, Inc.</title>
        <cusip>64361Q101</cusip>
        <identifiers>
          <isin value="US64361Q1013"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3524250.00000000</valUSD>
        <pctVal>1.199963128307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wesco International Inc</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc.</title>
        <cusip>95082P105</cusip>
        <identifiers>
          <isin value="US95082P1057"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5472400.00000000</valUSD>
        <pctVal>1.863283882627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wyndham Hotels &amp; Resorts Inc</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>Wyndham Hotels &amp; Resorts, Inc.</title>
        <cusip>98311A105</cusip>
        <identifiers>
          <isin value="US98311A1051"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4467650.00000000</valUSD>
        <pctVal>1.521179050913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>HEARTLAND GROUP INC.</ncom:nameOfApplicant>
      <ncom:signature>Nicole Best</ncom:signature>
      <ncom:signerName>Nicole Best</ncom:signerName>
      <ncom:title>Chief Financial Officer and Chief Administrative</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
