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      <regCik>0000809586</regCik>
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      <regStreet1>789 N. WATER STREET SUITE 500</regStreet1>
      <regCity>MILWAUKEE</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4143477777</regPhone>
      <seriesName>Heartland Value Fund</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>1487967.17</totLiabs>
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      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Northwest Pipe Co</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Spartan Motors, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Century Bancorp Inc/ma</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jazz Pharmaceuticals Plc</name>
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        <name>Thor Industries Inc</name>
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        <name>Motorcar Parts Of America Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Lincoln Educational Services C</name>
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      <invstOrSec>
        <name>Accuray Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ceco Environmental Corp</name>
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      <invstOrSec>
        <name>Heritage Financial Corp/wa</name>
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      <invstOrSec>
        <name>Barrett Business Services Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Landec Corp</name>
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        <title>Landec Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Calix Inc</name>
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        <title>Calix, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Pixelworks Inc</name>
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        <title>Pixelworks, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Berry Petroleum Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Standard Lithium Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pretium Resources Inc</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Iamgold Corp</name>
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        <name>First Solar Inc</name>
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        <name>Mdc Holdings Inc</name>
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        <name>Kennedy-wilson Holdings Inc</name>
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        <name>Primo Water Corp</name>
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        <title>Primo Water Corp.</title>
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        <name>Ah Belo Corp</name>
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        <name>Albireo Pharma Inc</name>
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        <name>Caretrust Reit Inc</name>
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        <title>CareTrust REIT, Inc.</title>
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        <name>Lakeland Industries Inc</name>
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        <title>Lakeland Industries, Inc.</title>
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        <name>Bed Bath &amp; Beyond Inc</name>
        <lei>529900ZBUWWUV7BKGX39</lei>
        <title>Bed Bath &amp; Beyond, Inc.</title>
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        <name>Mdu Resources Group Inc</name>
        <lei>0T6SBMK3JTBI1JR36794</lei>
        <title>MDU Resources Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Select Energy Services Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Umb Financial Corp</name>
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        <title>UMB Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Investors Real Estate Trust</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>DICKS SPORTING GOODS</issuerName>
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      <invstOrSec>
        <name>Dick's Sporting Goods Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Waddell &amp; Reed Financial Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gsi Technology Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cui Global Inc</name>
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        <title>CUI Global, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perma-fix Environmental Servic</name>
        <lei>54930015OVD1T5P12U15</lei>
        <title>Perma-Fix Environmental Services</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Teradata Corp</name>
        <lei>549300JU9SOUHV4U4R71</lei>
        <title>Teradata Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Mosaic Co/the</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>The Mosaic Co.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Identiv Inc</name>
        <lei>5299008KH3C585Z0DS77</lei>
        <title>Identiv, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Powell Industries Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Onespan Inc</name>
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        <title>OneSpan, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Marten Transport Ltd</name>
        <lei>N/A</lei>
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        <cusip>573075108</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fednat Holding Co</name>
        <lei>549300TFR6HALUYTYJ66</lei>
        <title>FedNat Holding Co.</title>
        <cusip>31431B109</cusip>
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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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        <name>Spartan Motors Inc</name>
        <lei>549300YY0TB51BGRV994</lei>
        <title>Spartan Motors, Inc.</title>
        <cusip>846819100</cusip>
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        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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        <name>Sensus Healthcare Inc</name>
        <lei>549300F3JF8NCDJJZW04</lei>
        <title>Sensus Healthcare, Inc.</title>
        <cusip>81728J109</cusip>
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        <name>Evertec Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC, Inc.</title>
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        <name>Ameresco Inc</name>
        <lei>529900NZXZGBCBXYY327</lei>
        <title>Ameresco, Inc.</title>
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        <name>Cowen Inc</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>Cowen, Inc.</title>
        <cusip>223622606</cusip>
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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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        <name>Radian Group Inc</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group Inc.</title>
        <cusip>750236101</cusip>
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        <balance>750000.00000000</balance>
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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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        <name>Stock Yards Bancorp Inc</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>Stock Yards Bancorp, Inc.</title>
        <cusip>861025104</cusip>
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        <name>Dasan Zhone Solutions Inc</name>
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        <name>Cyberoptics Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital City Bank Group Inc</name>
        <lei>N/A</lei>
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        <name>Trinity Biotech Plc</name>
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        <name>Mitek Systems Inc</name>
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      <invstOrSec>
        <name>Indigo Books &amp; Music Inc</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Evofem Biosciences Inc</name>
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        <name>Apple Hospitality Reit Inc</name>
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        <name>Viper Energy Partners Lp</name>
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        <name>Potlatchdeltic Corp</name>
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        <name>Vonage Holdings Corp</name>
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        <name>Armstrong Flooring Inc</name>
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        <name>Argan Inc</name>
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        <name>Tristate Capital Holdings Inc</name>
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        <name>Gorman-rupp Co/the</name>
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        <name>Ncr Corp</name>
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        <name>Skechers U.s.a. Inc</name>
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        <name>Orion Energy Systems Inc</name>
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        <name>Marchex Inc</name>
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        <name>Heron Therapeutics Inc</name>
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        <name>Pacwest Bancorp</name>
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        <title>PacWest Bancorp</title>
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        <name>Photronics Inc</name>
        <lei>549300OK5JVNIBNY6F63</lei>
        <title>Photronics, Inc.</title>
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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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Invesco Treasury Portfolio</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SECLEND"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="27510" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harvard Bioscience Inc</name>
        <lei>549300VLGB1D47GGC642</lei>
        <title>Harvard Bioscience, Inc.</title>
        <cusip>416906105</cusip>
        <identifiers>
          <isin value="US4169061052"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3050000.00000000</valUSD>
        <pctVal>0.466373767142</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>Linamar Corp</name>
        <lei>549300LW6VIYFRMFBU20</lei>
        <title>Linamar Corp.</title>
        <cusip>53278L107</cusip>
        <identifiers>
          <isin value="CA53278L1076"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>3783450.77000000</valUSD>
        <pctVal>0.578525307672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rcm Technologies Inc</name>
        <lei>N/A</lei>
        <title>RCM Technologies, Inc.</title>
        <cusip>749360400</cusip>
        <identifiers>
          <isin value="US7493604000"/>
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        <balance>612667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1838001.00000000</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>
      <invstOrSec>
        <name>Teranga Gold Corp</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797204</cusip>
        <identifiers>
          <isin value="CA8807972044"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>8109044.70000000</valUSD>
        <pctVal>1.239949417922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson Global Inc</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>Hudson Global, Inc.</title>
        <cusip>443787205</cusip>
        <identifiers>
          <isin value="US4437872058"/>
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        <balance>315000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3764250.00000000</valUSD>
        <pctVal>0.575589328841</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>Bancorp Inc/the</name>
        <lei>N/A</lei>
        <title>Bancorp, Inc.</title>
        <cusip>05969A105</cusip>
        <identifiers>
          <isin value="US05969A1051"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12970000.00000000</valUSD>
        <pctVal>1.983235331093</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>First Internet Bancorp</name>
        <lei>549300T25MP2M92XU194</lei>
        <title>First Internet Bancorp</title>
        <cusip>320557101</cusip>
        <identifiers>
          <isin value="US3205571017"/>
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        <balance>278757.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6609328.47000000</valUSD>
        <pctVal>1.010628661257</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>Associated Banc-corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
        <cusip>045487105</cusip>
        <identifiers>
          <isin value="US0454871056"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6612000.00000000</valUSD>
        <pctVal>1.011037163391</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>Oil-dri Corp Of America</name>
        <lei>549300RSG5KPUH16WH66</lei>
        <title>Oil-Dri Corp. of America</title>
        <cusip>677864100</cusip>
        <identifiers>
          <isin value="US6778641000"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2718750.00000000</valUSD>
        <pctVal>0.415722517841</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>Duluth Holdings Inc</name>
        <lei>549300B6G8G3WGHFYU15</lei>
        <title>Duluth Holdings, Inc.</title>
        <cusip>26443V101</cusip>
        <identifiers>
          <isin value="US26443V1017"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>526500.00000000</valUSD>
        <pctVal>0.080506815868</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>Cpi Aerostructures Inc</name>
        <lei>549300C471OFZGCOHS09</lei>
        <title>CPI Aerostructures, Inc.</title>
        <cusip>125919308</cusip>
        <identifiers>
          <isin value="US1259193084"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3365000.00000000</valUSD>
        <pctVal>0.514540238174</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>Limelight Networks Inc</name>
        <lei>529900BNCMDQGEKW5M59</lei>
        <title>Limelight Networks, Inc.</title>
        <cusip>53261M104</cusip>
        <identifiers>
          <isin value="US53261M1045"/>
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        <balance>1400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5712000.00000000</valUSD>
        <pctVal>0.873418674726</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>Century Communities Inc</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>Century Communities, Inc.</title>
        <cusip>156504300</cusip>
        <identifiers>
          <isin value="US1565043007"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10393000.00000000</valUSD>
        <pctVal>1.589187725216</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>Zagg Inc</name>
        <lei>549300ZF4FN5BTLAO858</lei>
        <title>ZAGG, Inc.</title>
        <cusip>98884U108</cusip>
        <identifiers>
          <isin value="US98884U1088"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3244000.00000000</valUSD>
        <pctVal>0.496038196921</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>Atlas Air Worldwide Holdings I</name>
        <lei>549300R0A2TUVCYZB465</lei>
        <title>Atlas Air Worldwide Holdings, Inc.</title>
        <cusip>049164205</cusip>
        <identifiers>
          <isin value="US0491642056"/>
        </identifiers>
        <balance>207117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5710215.69000000</valUSD>
        <pctVal>0.873145836898</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>Vistra Energy Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Energy Corp.</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19541500.00000000</valUSD>
        <pctVal>2.988079662495</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>Amc Networks Inc</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC Networks, Inc.</title>
        <cusip>00164V103</cusip>
        <identifiers>
          <isin value="US00164V1035"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4937500.00000000</valUSD>
        <pctVal>0.754990319759</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 Foods Corp</name>
        <lei>N/A</lei>
        <title>Hanover Foods Corp.</title>
        <cusip>41078W100</cusip>
        <identifiers>
          <isin value="US41078W1009"/>
        </identifiers>
        <balance>48633.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3258411.00000000</valUSD>
        <pctVal>0.498241774743</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>2020-01-30</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>
</edgarSubmission>
