Andrew J. Fleming, CFA, is Vice President and Portfolio Manager for the Value Plus Fund and its corresponding Small Cap Value Plus Strategy. He began at Heartland as a research intern during the summer of 2011 while he was a student in the Master of Business Administration in Applied Securities Analysis Program at the University of Wisconsin-Madison. He joined the Investment Team as a Research Analyst in June 2012, after completing the program, and began as a Portfolio Manager in 2015. Before beginning the securities analysis program, Fleming was an Associate for two years at McKinley Reserve, a Wisconsin-based family office. He supported the private investment activities of the firm and helped raise capital for its portfolio companies. His work included due diligence, market research, financial modeling, and valuation analysis. In addition to his master’s degree, Fleming earned a law degree from Marquette University in 2007 and a bachelor’s in finance from Georgetown University in 2004.

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.