Heartland (HTLJ) NPORT-P Heartland Value Fund (Sep 2022 report)

HEARTLAND MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (99.0%)
Aerospace & Defense (2.7%)
BWX Technologies, Inc.		93,288	$	4,698,916
Howmet Aerospace, Inc.		83,944		2,596,388
				7,295,304
Automobiles (1.5%)
Thor Industries, Inc.		55,123		3,857,508
Banks (5.9%)
First Interstate BancSystem, Inc. (Class A)		180,523		7,284,103
Popular, Inc.		75,503		5,440,746
Texas Capital Bancshares, Inc.(a)		48,355		2,854,396
				15,579,245
Building Products (2.4%)
A.O. Smith Corp.		133,714		6,495,826
Capital Markets (5.6%)
Cboe Global Markets, Inc.		28,960		3,399,035
Interactive Brokers Group, Inc.		179,109		11,446,856
				14,845,891
Chemicals (6.2%)
Eastman Chemical Co.		45,576		3,238,175
FMC Corp.		50,154		5,301,278
PPG Industries, Inc.		71,454		7,909,243
				16,448,696
Communications Equipment (1.2%)
F5, Inc.(a)		22,523		3,259,754
Electric Utilities (5.6%)
Constellation Energy Corp.		121,375		10,097,186
FirstEnergy Corp.		128,589		4,757,793
				14,854,979
Energy Equipment & Services (4.7%)
NOV, Inc.		776,616		12,565,647
Equity Real Estate Investment Trusts (REITs) (5.7%)
Americold Realty Trust, Inc.		332,205		8,172,243
Equity Commonwealth		291,925		7,111,293
				15,283,536
Food Products (5.5%)
Cal-Maine Foods, Inc.		52,589		2,923,422
Conagra Brands, Inc.		250,959		8,188,792
Post Holdings, Inc.(a)		42,770		3,503,291
				14,615,505
Health Care Providers & Services (8.6%)
AmerisourceBergen Corp.		29,013		3,926,329
Centene, Corp.(a)		31,648		2,462,531
Encompass Health Corp.		169,980		7,688,195
Enhabit, Inc.(a)		96,740		1,358,230
Quest Diagnostics, Inc.		59,529		7,303,613
				22,738,898
Hotels, Restaurants & Leisure (1.4%)
Expedia, Inc.(a)		39,152		3,668,151
Household Durables (1.3%)
DR Horton, Inc.		22,596		1,521,841
Mohawk Industries, Inc.(a)		19,984		1,822,341
				3,344,182
Household Products (2.5%)
Kimberly-Clark Corp.		59,563		6,703,220
Insurance (6.7%)
Markel Corp.(a)		4,571		4,955,970
Old Republic International Corp.		123,843		2,592,034
Reinsurance Group of America, Inc.		58,765		7,393,225
RenaissanceRe Holdings, Ltd.		20,475		2,874,485
				17,815,714
IT Services (3.0%)
Genpact, Ltd.		180,678		7,908,276
Machinery (6.6%)
Allison Transmission Holdings, Inc.		119,668		4,039,992
Flowserve Corp.		284,050		6,902,415
Kennametal, Inc.		314,352		6,469,364
				17,411,771
Marine (2.0%)
Kirby Corp.(a)		89,375		5,431,319
Oil, Gas & Consumable Fuels (1.5%)
Pioneer Natural Resources Co.		18,595		4,026,375
Pharmaceuticals (1.8%)
Perrigo Co. PLC		132,160		4,712,826
Road & Rail (2.6%)
AMERCO		13,745		6,999,229
Semiconductors & Semiconductor Equipment (3.3%)
Skyworks Solutions, Inc.		102,832		8,768,485
Software (3.1%)
Teradata Corp.(a)		268,214		8,330,727
Specialty Retail (4.4%)
Advance Auto Parts, Inc.		40,694		6,362,100
CarMax, Inc.(a)		82,211		5,427,570
				11,789,670
Textiles, Apparel & Luxury Goods (1.2%)
Carter's, Inc.		47,748		3,128,926
Trading Companies & Distributors (2.0%)
Watsco, Inc.		20,578		5,298,012
TOTAL COMMON STOCKS
(Cost $283,222,073)			$	263,177,672

	INTEREST RATE			PAR   AMOUNT		VALUE
SHORT-TERM INVESTMENTS (1.5%)
Time Deposits (1.5%)
JPM CHASE, NEW YORK(b)		2.43	%	$	4,003,510	$	4,003,510
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,003,510)						$	4,003,510
TOTAL INVESTMENTS - (100.5%)
(Cost $287,225,583)						$	267,181,182
OTHER ASSETS AND LIABILITIES, NET - (-0.5%)							(1,213,560	)
TOTAL NET ASSETS - (100.0%)						$	265,967,622

1

VALUE PLUS FUND

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (97.2%)
Aerospace & Defense (3.5%)
Kratos Defense & Security Solutions, Inc.(a)		425,000	$	4,318,000
Park Aerospace Corp.		830,000		9,163,200
				13,481,200
Automobiles (2.3%)
Harley-Davidson, Inc.		250,000		8,720,000
Banks (14.5%)
Glacier Bancorp, Inc.		200,000		9,826,000
Independent Bank Corp.		150,000		11,179,500
Old National Bancorp		500,000		8,235,000
Seacoast Banking Corp. of Florida		425,000		12,847,750
Texas Capital Bancshares, Inc.(a)		225,000		13,281,750
				55,370,000
Capital Markets (0.7%)
B Riley Financial, Inc.		60,000		2,671,200
Chemicals (3.4%)
American Vanguard Corp.		700,000		13,090,000
Commercial Services & Supplies (1.4%)
CoreCivic, Inc.(a)		600,000		5,304,000
Construction & Engineering (2.5%)
Granite Construction, Inc.		375,000		9,521,250
Containers & Packaging (0.7%)
TriMas Corp.		110,258		2,764,168
Diversified Telecommunication Services (2.8%)
ATN International, Inc.		275,000		10,606,750
Electric Utilities (2.9%)
Portland General Electric Co.		250,000		10,865,000
Electrical Equipment (2.6%)
Powell Industries, Inc.		460,000		9,696,800
Electronic Equipment, Instruments & Components (4.3%)
Knowles Corp.(a)		500,000		6,085,000
Methode Electronics, Inc.		275,000		10,216,250
				16,301,250
Energy Equipment & Services (7.9%)
ChampionX Corp.		825,000		16,145,250
Dril-Quip, Inc.(a)		325,000		6,344,000
Helmerich & Payne, Inc.		200,000		7,394,000
				29,883,250
Equity Real Estate Investment Trusts (REITs) (6.0%)
Farmland Partners, Inc.		400,000		5,068,000
Lamar Advertising Co. (Class A)		75,000		6,186,750
PotlatchDeltic Corp.		185,000		7,592,400
Sunstone Hotel Investors, Inc.		450,000		4,239,000
				23,086,150
Food Products (4.4%)
Tootsie Roll Industries, Inc.		150,000		4,992,000
TreeHouse Foods, Inc.(a)		275,000		11,665,500
				16,657,500
Health Care Equipment & Supplies (9.8%)
AngioDynamics, Inc.(a)		425,000		8,695,500
Avanos Medical, Inc.(a)		450,000		9,801,000
Haemonetics Corp.(a)		255,000		18,877,650
				37,374,150
Health Care Technology (1.9%)
HealthStream, Inc.(a)		335,000		7,122,100
Household Durables (1.0%)
MDC Holdings, Inc.		140,000		3,838,800
Household Products (1.3%)
Oil-Dri Corp. of America		210,000		5,082,000
Insurance (4.9%)
Old Republic International Corp.		200,000		4,186,000
ProAssurance Corp.		175,000		3,414,250
The Hanover Insurance Group, Inc.		85,000		10,891,900
				18,492,150
Machinery (5.2%)
Astec Industries, Inc.		200,000		6,238,000
Douglas Dynamics, Inc.		250,000		7,005,000
Enerpac Tool Group Corp. (Class A)		375,000		6,686,250
				19,929,250
Metals & Mining (5.2%)
Materion Corp.		100,000		8,000,000
Royal Gold, Inc.		65,000		6,098,300
Schnitzer Steel Industries, Inc. (Class A)		200,000		5,692,000
				19,790,300
Oil, Gas & Consumable Fuels (0.8%)
Comstock Resources, Inc.(a)		175,000		3,025,750
Pharmaceuticals (2.6%)
Phibro Animal Health Corp. (Class A)		750,000		9,967,500
Road & Rail (0.9%)
Heartland Express, Inc.		250,000		3,577,500
Textiles, Apparel & Luxury Goods (2.2%)
Carter's, Inc.		125,000		8,191,250
Trading Companies & Distributors (1.5%)
NOW, Inc.(a)		550,000		5,527,500
TOTAL COMMON STOCKS
(Cost $395,088,400)			$	369,936,768

	INTEREST RATE			PAR   AMOUNT		VALUE
SHORT-TERM INVESTMENTS (3.1%)
Time Deposits (3.1%)
JPM CHASE, NEW YORK(b)		2.43	%	$	11,852,398	$	11,852,398
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,852,398)						$	11,852,398
TOTAL INVESTMENTS - (100.3%)
(Cost $406,940,798)						$	381,789,166
OTHER ASSETS AND LIABILITIES, NET - (-0.3%)							(1,124,757	)
TOTAL NET ASSETS - (100.0%)						$	380,664,409

2

VALUE FUND

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

	SHARES		VALUE
COMMON STOCKS (93.6%)
Aerospace & Defense (2.6%)
Aerojet Rocketdyne Holdings, Inc.(a)		200,000	$	7,998,000
BWX Technologies, Inc.		150,000		7,555,500
				15,553,500
Automobiles (0.9%)
Thor Industries, Inc.		80,000		5,598,400
Banks (13.1%)
Associated Banc-Corp		300,000		6,024,000
Bancorp, Inc.(a)		150,000		3,297,000
Canadian Western Bank (CAD)(c)		500,000		8,140,587
Capital City Bank Group, Inc.		500,000		15,555,000
First Internet Bancorp		301,671		10,214,580
First Interstate BancSystem, Inc. (Class A)		150,000		6,052,500
Heritage Financial Corp.		300,000		7,941,000
Texas Capital Bancshares, Inc.(a)		200,000		11,806,000
TriCo Bancshares		200,000		8,930,000
				77,960,667
Capital Markets (3.5%)
Cowen, Inc. (Class A)		500,000		19,320,000
US Global Investors, Inc. (Class A)		450,000		1,291,500
				20,611,500
Chemicals (1.2%)
Core Molding Technologies, Inc.(a)		405,000		4,021,650
Nufarm, Ltd. (AUD)(c)(e)		1,000,000		3,204,598
				7,226,248
Commercial Services & Supplies (1.8%)
CECO Environmental Corp.(a)		800,000		7,080,000
Perma-Fix Environmental Services, Inc.(a)(d)		837,000		3,749,760
				10,829,760
Communications Equipment (1.0%)
AudioCodes, Ltd.		275,000		5,997,750
Construction & Engineering (4.4%)
MDU Resources Group, Inc.		400,000		10,940,000
Northwest Pipe Co.(a)		395,000		11,099,500
Sterling Infrastructure, Inc.(a)		200,000		4,294,000
				26,333,500
Consumer Finance (1.0%)
Ezcorp, Inc. (Class A)(a)		800,000		6,168,000
Diversified Consumer Services (2.8%)
Carriage Services, Inc.		200,000		6,432,000
Lincoln Educational Services Corp.(a)(d)		1,850,000		10,064,000
				16,496,000
Electric Utilities (2.5%)
ALLETE, Inc.		299,000		14,964,950
Electrical Equipment (1.3%)
Orion Energy Systems, Inc.(a)		875,000		1,365,000
Thermon Group Holdings, Inc.(a)		400,000		6,164,000
				7,529,000
Electronic Equipment, Instruments & Components (1.0%)
Advanced Energy Industries, Inc.		80,000		6,192,800
Energy Equipment & Services (1.9%)
NOV, Inc.		700,000		11,326,000
Entertainment (0.6%)
World Wrestling Entertainment, Inc. (Class A)		50,000		3,508,500
Equity Real Estate Investment Trusts (REITs) (6.4%)
Alpine Income Property Trust, Inc.		300,000		4,866,000
Americold Realty Trust, Inc.		500,000		12,300,000
BSR Real Estate Investment Trust (CAD)(c)		309,300		4,310,294
PotlatchDeltic Corp.		100,000		4,104,000
Sunstone Hotel Investors, Inc.		750,000		7,065,000
UMH Properties, Inc.		350,000		5,652,500
				38,297,794
Food Products (2.3%)
Landec Corp.(a)		1,050,000		9,334,500
SunOpta, Inc.(a)		500,000		4,550,000
				13,884,500
Health Care Equipment & Supplies (2.4%)
Accuray, Inc.(a)		2,000,000		4,160,000
Haemonetics Corp.(a)		130,000		9,623,900
Orthofix Medical, Inc.(a)		25,000		477,750
				14,261,650
Health Care Providers & Services (3.8%)
Encompass Health Corp.		240,000		10,855,200
InfuSystem Holdings, Inc.(a)		255,000		1,782,450
Patterson Cos., Inc.		350,000		8,407,000
PetIQ, Inc. (Class A)(a)		250,000		1,725,000
				22,769,650
Health Care Technology (0.7%)
Computer Programs and Systems, Inc.(a)		150,000		4,182,000
Hotels, Restaurants & Leisure (1.0%)
Everi Holdings, Inc.(a)		200,000		3,244,000
Potbelly Corp.(a)		600,000		2,718,000
				5,962,000
Household Durables (2.1%)
Century Communities, Inc.		300,000		12,834,000
Insurance (1.1%)
Old Republic International Corp.		150,000		3,139,500
Tiptree, Inc.		300,000		3,228,000
				6,367,500
IT Services (3.1%)
Cantaloupe, Inc.(a)		1,000,000		3,480,000
Cass Information Systems, Inc.		189,937		6,588,915
EVERTEC, Inc.		150,000		4,702,500
I3 Verticals, Inc. (Class A)(a)		200,700		4,020,021
				18,791,436
Leisure Products (0.3%)
MasterCraft Boat Holdings, Inc.(a)		100,000		1,885,000
Life Sciences Tools & Services (0.4%)
Harvard Bioscience, Inc.(a)		1,050,000		2,688,000
Machinery (2.1%)
Shyft Group, Inc.		400,000		8,172,000
Twin Disc, Inc.(a)		400,000		4,588,000
				12,760,000
Media (1.5%)
iHeartMedia, Inc. (Class A)(a)		600,000		4,398,000
Marchex, Inc. (Class B)(a)		255,210		428,753
WideOpenWest, Inc.(a)		325,000		3,987,750
				8,814,503
Metals & Mining (3.2%)
Centerra Gold, Inc.		1,700,000		7,497,000
Major Drilling Group International, Inc. (CAD)(a)(c)		925,500		5,567,673
Osisko Gold Royalties, Ltd.		600,000		6,108,000
				19,172,673
Oil, Gas & Consumable Fuels (6.5%)
ARC Resources, Ltd. (CAD)(c)		750,000		9,007,493
Berry Corp. (Class A)		1,000,000		7,500,000
Denbury, Inc.(a)		100,000		8,626,000
HF Sinclair Corp.		250,000		13,460,000
				38,593,493
Pharmaceuticals (2.4%)
Perrigo Co. PLC		400,000		14,264,000
Professional Services (3.4%)
Barrett Business Services, Inc.		150,000		11,700,000
Hudson Global, Inc.(a)(d)		259,800		8,734,476
				20,434,476

3

	SHARES		VALUE
Real Estate Management & Development (1.4%)
Forestar Group, Inc.(a)		750,000	$	8,392,500
Road & Rail (0.5%)
Marten Transport, Ltd.		150,000		2,874,000
Semiconductors & Semiconductor Equipment (1.7%)
Amtech Systems, Inc.(a)		300,000		2,550,000
Photronics, Inc.(a)		500,000		7,310,000
				9,860,000
Specialty Retail (0.1%)
Indigo Books & Music, Inc. (CAD)(a)(c)		400,000		584,935
Textiles, Apparel & Luxury Goods (0.9%)
Carter's, Inc.		80,000		5,242,400
Thrifts & Mortgage Finance (3.5%)
MGIC Investment Corp.		500,000		6,410,000
Radian Group, Inc.		750,000		14,467,500
				20,877,500
Trading Companies & Distributors (1.3%)
NOW, Inc.(a)		750,000		7,537,500
Water Utilities (1.9%)
Consolidated Water Co., Ltd.		450,000		6,921,000
Pure Cycle Corp.(a)		500,000		4,175,000
				11,096,000
TOTAL COMMON STOCKS
(Cost $513,392,268)			$	558,724,085

	INTEREST RATE			PAR   AMOUNT		VALUE
SHORT-TERM INVESTMENTS (6.0%)
Time Deposits (5.2%)
JPM CHASE, NEW YORK(b)		2.43	%	$	31,215,514	$	31,215,514
Time Deposits (0.8%)
U.S. Treasury Bills 3/23/23(b)(e)		3.70	%	$	5,000,000	$	4,913,016
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,789,387)						$	36,128,530
TOTAL INVESTMENTS - (99.6%)
(Cost $549,181,655)						$	594,852,615
OTHER ASSETS AND LIABILITIES, NET - (0.4%)							2,366,622
TOTAL NET ASSETS - (100.0%)						$	597,219,237

(a)	Non-income producing security. Includes securities which did not pay at least one dividend in the year preceding the date of this statement.
(b)	Time deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rate listed is the 7-day yield as of September 30, 2022.
(c)	Traded in a foreign country.
(d)	Affiliated company. See Note 6 to Notes to Schedules of Investments.
(e)	Classified as Level 2. Valued using methods determined by Heartland Advisors, Inc. as the Board of Directors’ valuation designee or using systematic fair valuation model provided by an independent pricing service. See Note 3 in Notes to Schedules of Investments.

Common Abbreviations:
ADR	American Depositary Receipt.
Ltd.	Limited.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

Currency Abbreviations:
CAD	Canadian Dollar
AUD	Australian Dollar

Percentages are stated as a percent of net assets.

Sector and Industry classifications are sourced from GICS^®, The Global Industry Classification Standard (GICS^®) is the exclusive intellectual property of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence ("S&P"). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaims all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of such damages.

4

Notes to Schedules of Investments (unaudited)

September 30, 2022

(1) ORGANIZATION

Heartland Group, Inc. (the “Corporation”) is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. The capital shares of the Mid Cap Value Fund, Value Plus Fund, and Value Fund (each a “Fund” and collectively, the “Funds”), each of which is a diversified fund, are issued by the Corporation. Each Fund has 150,000,000 shares authorized with a par value of $.001 per share and offers Investor Class and Institutional Class shares. Heartland Advisors, Inc. (the “Advisor”) serves as investment advisor to the Corporation.

Under the Corporation’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with its vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Corporation.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the preparation of the Schedules of Investments. Each Fund is considered an investment company for financial reporting purposes under Generally Accepted Accounting Principles (“GAAP”). The Funds have applied the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 (“ASC 946”).

(a) Portfolio securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market as of the close of regular trading hours on the day the securities are being valued, or, closing price on the composite market. Lacking any trades, securities are valued at the mean between the most recent quoted bid and asked prices on the principal exchange or market. Foreign securities are valued on the basis of quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using exchange rates as of the close of the New York Stock Exchange (“NYSE”) or using methods determined by Heartland Advisors, Inc. (the “Advisor”) as the valuation designee of the Board of Directors of the Corporation (the “Board”) in accordance with policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to capture events occurring between the time a foreign exchange closes and the close of the NYSE that may affect the value of the Funds’ securities traded on those foreign exchanges. These are generally categorized as Level 2 under GAAP. Debt securities purchased with maturities of 60 days or less are generally fair valued at acquisition cost, which approximates fair value, plus or minus any amortization or accretion, if applicable. Securities and other assets for which quotations are not readily available are deemed unreliable, or have facts and circumstances that indicate otherwise, are valued at their fair value using methods determined by the Advisor as valuation designee. The Advisor may also make a fair value determination if it reasonably determines that a significant event, which materially affects the value of a security, occurs after the time at which the market price for the security is determined, but prior to the time at which a Fund’s net asset value is calculated. Fair valuation of a particular security is an inherently subjective process, with no single standard to utilize when determining a security’s fair value. As such, different mutual funds could reasonably arrive at a different fair value price for the same security. In each case where a security is fair valued, consideration is given to the facts and circumstances relevant to the particular situation. This consideration includes reviewing various factors set forth in the pricing procedures approved by the Board in accordance with Rule 2a-5 and other factors as warranted. In making a fair value determination, factors that may be considered, among others, include: the type and structure of the security; unusual events or circumstances relating to the security’s issuer; general market conditions; prior day’s valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; nature and duration of any restriction on disposition; trading activities; and prices of similar securities or financial instruments.

(b) The Funds’ policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that are applicable to regulated investment companies (“RICs”) and to distribute substantially all of their taxable income to their shareholders. The Funds accordingly pay no Federal income taxes, and no Federal income tax provision is recorded.

(c) For financial reporting purposes, transactions are accounted for on trade date on the last business day of the reporting period. Net realized gains and losses on investments are computed on the identified cost basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Certain dividends from foreign securities will be recorded as soon as the Corporation is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. The Funds amortize premium and accrete discount on investments utilizing the effective interest method. Foreign dividend income may be subject to foreign withholding taxes. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.

(d) The Funds may invest a portion of their assets in Real Estate Investment Trusts (“REITs”) and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act. A Fund’s investments in REITs may result in such Fund’s receipt of cash in excess of the REITs’ earnings. If the Fund receives such distributions all or a portion of these distributions will constitute a return of capital to such Fund. Receiving a return of capital distribution from REITs will reduce the amount of income available to be distributed to Fund shareholders. Income from REITs may not be eligible for treatment as qualified dividend income. As the final character of the distributions may not be known until reported by the REITs on their 1099s, the Funds may utilize an estimate for the current year character of distributions.

(e) As of September 30, 2022, the Funds did not hold any securities classified as illiquid as defined pursuant to the Corporation's Liquidity Risk Management Program (the "LRMP").

(f) Certain securities exempt from registration or issued in transactions exempt from registration under the Securities Act of 1933, as amended (the “Act”), such as securities issued pursuant to the resale limitations provided under Rule 144A or Regulation S under the Act, may be considered to be liquid under the LRMP. As of September 30, 2022, the Funds did not hold any restricted securities.

(g) The Funds isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement date on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the respective Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at the period end, resulting from changes in the exchange rate. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse political, social, regulatory, and economic developments. Foreign security prices can be affected by exchange rate and foreign currency fluctuations, less publicly available information, and different accounting, auditing, legal, and financial standards. Foreign investments may also be less liquid than investments in U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign securities usually are generally denominated and traded in foreign currencies, while the Funds value assets in U.S. dollars. The exchange rates between foreign currencies and the U.S. dollar fluctuate continuously. As a result, the values of the Funds’ non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.

(h) The accompanying Schedules of Investments were prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Schedules of Investments and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

(3) FAIR VALUE MEASUREMENTS

The Funds follow GAAP, under which various inputs are used in determining the value of the Funds’ investments.

The basis of the hierarchy is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

● Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access at the measurement date.

● Level 2 - Other significant observable inputs include quoted prices which are not active, quoted prices for similar assets or liabilities in active markets, or input other than quoted prices that are observable (either directly or indirectly) for the asset or liability. Includes portfolio securities and other financial instruments lacking any sales referenced in Note 2.

● Level 3 - Significant unobservable prices or inputs (includes the Advisor’s own assumptions as the Board’s valuation designee in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2022:

MID CAP VALUE FUND
INVESTMENTS IN SECURITIES AT VALUE	LEVEL 1 - QUOTED AND UNADJUSTED PRICES		LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS(a)		LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS(b)		TOTAL
Common Stocks	$	263,177,672	$	–	$	–	$	263,177,672
Short-Term Investments		4,003,510		–		–		4,003,510
Total	$	267,181,182	$	–	$	–	$	267,181,182

VALUE PLUS FUND
INVESTMENTS IN SECURITIES AT VALUE	LEVEL 1 - QUOTED AND UNADJUSTED PRICES		LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS(a)		LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS(b)		TOTAL
Common Stocks	$	369,936,768	$	–	$	–	$	369,936,768
Short-Term Investments		11,852,398		–		–		11,852,398
Total	$	381,789,166	$	–	$	–	$	381,789,166

VALUE FUND
INVESTMENTS IN SECURITIES AT VALUE	LEVEL 1 - QUOTED AND UNADJUSTED PRICES		LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS(a)		LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS(b)		TOTAL
Common Stocks	$	555,519,487	$	3,204,598	$	–	$	558,724,085
Short-Term Investments		31,215,514		4,913,016		–		36,128,530
Total	$	586,735,001	$	8,117,614	$	–	$	594,852,615

^(a) For detailed industry descriptions and securities identified as Level 2 (if any) within the hierarchy, see the accompanying Schedules of Investments.

^(b) The Funds measure Level 3 activity as of the beginning and end of the financial period. For the nine month period ended September 30, 2022, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

(4) DERIVATIVE INSTRUMENTS

GAAP requires enhanced disclosure about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’ financial position, performance, and cash flows. The Funds may invest in a broad array of financial instruments and securities, the value of which is “derived” from the performance of an underlying asset or a “benchmark” such as a security index, an interest rate, or a currency. In particular, each Fund may engage in transactions in options and options on futures contracts (a) to hedge against anticipated declines in the market value of its portfolio securities or currencies and against increases in the market values of securities or currencies it intends to acquire, (b) to manage exposure to changing interest rates (duration management), (c) to enhance total return, or (d) to invest in eligible asset classes with a greater efficiency and lower cost than is possible through direct investment.

Options can be highly volatile investments and involve certain risks. These strategies require the ability to anticipate future movements in securities prices, interest rates, currency exchange rates, and other economic factors. Attempts to use such investments may not be successful and could result in reduction of a Fund’s total return. Each Fund could experience losses if the prices of its options positions move in a direction different than anticipated, or if the Fund were unable to close out its positions due to disruptions in the market or lack of liquidity. Over-the-counter options generally involve greater credit and liquidity risks than exchange-traded options. Options traded on foreign exchanges generally are not regulated by U.S. authorities, and may offer less liquidity and less protection to a Fund if the other party to the contract defaults.

The Funds’ use of options and other investment techniques for hedging purposes involves the risk that changes in the value of a hedging investment will not match those of the asset or security being hedged. Hedging is the use of one investment to offset the effects of another investment. Imperfect or no correlation of the values of the hedging instrument and the hedged security or asset might occur because of characteristics of the instruments themselves or unrelated factors involving, for example, the markets on which the instruments are traded. As a result, hedging strategies may not always be successful. While hedging strategies can help reduce or eliminate portfolio losses, they can also reduce or eliminate portfolio gains.

OPTIONS CONTRACTS

The Funds may enter into options transactions for hedging purposes and will not use these instruments for speculation. Each Fund may write covered put and call options on any securities or futures contracts in which it may invest, on any securities index based on or related to securities in which it may invest, or on any currency in which Fund investments may be denominated. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Each Fund may also purchase put options on any securities or futures contracts in which it may invest, on any securities index based on or related to securities in which it may invest, or on any currency in which Fund investments may be denominated. A Fund may enter into closing transactions with respect to such options by writing an option identical to the one it has purchased (for exchange-listed options) or by entering into an offsetting transaction with the counterparty to such option (for OTC options). A Fund may also exercise such options or allow them to expire. The Funds were not invested in options during the nine month period ended September 30, 2022.

(5) SECURITIES LENDING

The Funds have entered into an agreement with Brown Brothers Harriman & Co. (the “Lending Agent”), dated November 30, 2011, as amended, (“Securities Lending Agreement”), to provide securities lending services to the Funds. Under this program, the proceeds (cash collateral) received from borrowers are used to invest in money market funds. Under the Securities Lending Agreement, the borrowers may pay the Funds negotiated lender fees and the Funds receive cash collateral in an amount equal to not less than 102% of the value of loaned securities. The borrower pays fees at the Funds’ direction to the Lending Agent. Although the risk of lending is generally mitigated by the collateral, the Funds could experience a delay in recovering securities and a possible loss of income or value if the borrower fails to return them. The agreement provides the right in the event of default for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a counterparty’s bankruptcy or insolvency. Under the agreement, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral. As of September 30, 2022, the Funds did not have securities on loan.

(6) TRANSACTIONS WITH AFFILIATES

The following investments are in companies deemed “affiliated” (as defined in Section 2(a)(3) of the 1940 Act) with the Value Fund; that is, the Fund held 5% or more of their outstanding voting securities during the nine month period ended September 30, 2022. The Mid Cap Value, and Value Plus Funds had no transactions with affiliates during the same period.

Security Name	Fair Value as of December 31, 2021		Purchases		Sales			Fair Value as of September 30, 2022		Share Balance as of September 30, 2022		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/(Loss)
Hudson Global, Inc.	$	7,534,200	$	-	$	-		$	8,734,476		259,800	$	-	$	1,200,276		$	-
Lincoln Educational Services Corp.		13,819,500		-		-			10,064,000		1,850,000		-		(3,755,500	)		-
Perma-Fix Environmental Services, Inc.		5,462,790		-		(137,809	)		3,749,760		837,000		-		(1,434,990	)		(140,230	)
Total	$	26,816,490	$	-	$	(137,809	)	$	22,548,236			$	-	$	(3,990,214	)	$	(140,230	)