Mr. Will Nasgovitz has served as a Portfolio Manager. He also serves as Portfolio Manager for Heartland Advisors’ advisory clients. He previously served as a Research Analyst from 2004 to 2006 and a Research Associate from November 2003 to 2004. He is the Chief Executive Officer and a Director of Heartland Advisors and since May 2012 has served as Chief Executive Officer of Heartland. Prior to joining Heartland Advisors, Mr. Will Nasgovitz had been a Senior Research Associate with Cambridge Associates from 2000 to 2002. Mr. Will Nasgovitz is the son of Mr. Bill Nasgovitz, President and Director of the Heartland Funds and Portfolio Manager of the Value Fund.

Will Nasgovitz is CEO of Heartland Advisors and the Heartland Funds. He is Portfolio Manager for the Select Value, Mid Cap Value, and Value Funds and their corresponding Opportunistic Value Equity, Mid Cap Value, and Small Cap Value Strategies. He is also President and Director of Heartland Funds. He began at Heartland Advisors in 2003 as a Research Associate and became Portfolio Manager in 2006 of the Select Value Fund, a Lipper Award winner for six consecutive years from 2007 to 2012. He added portfolio management responsibility for the Mid Cap Value Fund in 2015. He also returned to the Value Fund in 2019 as a Portfolio Manager, having previously co-managed from 2009 to 2013. Prior to joining the Firm, Nasgovitz was a Senior Research Associate at Cambridge Associates. Nasgovitz often shares his value investing market perspective with the national financial media, including Bloomberg, MarketWatch, TheStreet, and CNBC. He graduated from the University of Wisconsin-Madison with a bachelor’s in business in 2000.

Michael Warecki is an Associate Portfolio Manager for the Heartland Value and Value Plus Funds and its corresponding Small Cap Value and Small Cap Value Plus Strategies. He was a Research Intern during the summer of 2018 and joined the Investment Team full-time in 2019 as a Research Analyst before being promoted to Associate Portfolio Manager in 2025. Previously, Warecki served as a Mutual Fund Administrator at U.S. Bancorp Fund Services, a service provider to mutual funds, alternative investments and exchange traded funds.

Mr. Westphal has served as an Associate Portfolio Manager of the Value Fund since May 2025. He has been an Associate Portfolio Manager for advisory clients of Heartland Advisors since May 2025, and served as a Research Analyst from 2020 to 2025. Prior to joining Heartland Advisors, Mr. Westphal was an Equity Research Associate at UBS from 2017 to 2020.