Heartland Advisors, Inc. (“Heartland”) is an investment advisory Firm that provides investment management services to separate account clients, mutual fund portfolios, and other advisors. Heartland’s predecessor was organized in 1983 in Wisconsin as an investment advisory subsidiary of a regional brokerage rm, The Milwaukee Company, owned in part by William (“Bill”) J. Nasgovitz. In 1984, Mr. Nasgovitz purchased a majority interest of the investment advisory subsidiary from his partners and started managing Heartland’s rst mutual fund, the Heartland Value Fund. In 1988, Mr. Nasgovitz and his partners sold The Milwaukee Company to Dain Bosworth, and in the same transaction Mr. Nasgovitz acquired the remaining shares of the investment advisory subsidiary and changed its name to Heartland Advisors, Inc. In 2000, Heartland was reorganized into a wholly owned subsidiary of Heartland Holdings, Inc. Heartland remains an independent Firm 100% owned through Heartland Holdings, Inc. by its current employees. Heartland is principally owned by Heartland’s Chief Executive Of cer, William (“Will”) R. Nasgovitz. Heartland’s advisory services are typically provided on a discretionary basis. From time to time, Heartland may manage client accounts on a non-discretionary basis. Heartland’s discretionary investment authority is limited by conditions imposed by clients in their stated investment objectives or guidelines, or by other instructions provided to Heartland. Heartland generally requires that all clients approve the investment objectives and restrictions applicable to their account by agreeing to the guidelines applicable to a particular strategy or by providing special instructions. Please see Item 16: Investment Discretion for more information on how Heartland tailors its services to the individual needs of its clients. From time to time, Heartland provides discretionary investment advisory services to nancial institutions, such as investment advisers, banks, broker-dealers or other nancial intermediaries (“Intermediaries”). In addition, Heartland may provide investment management services through programs sponsored by unaf liated broker-dealers or other nancial intermediaries that typically offer a combination

of brokerage, custody and investment advisory services (“wrap programs”) to various clients for a single fee. Heartland also offers model portfolio services to uni ed managed account (“UMA”) programs by providing a model portfolio that is based on an investment strategy offered by Heartland and periodically communicating portfolio changes to the program sponsors. The Intermediaries and sponsors of UMA and wrap programs are referred to as “Program Sponsors”. In these programs, the client enters into an investment advisory agreement with the Program Sponsor and in turn the Program Sponsor generally enters into a sub-advisory agreement or other arrangement with Heartland. Heartland typically is paid a portion of the program fee by the Program Sponsor. The Program Sponsors generally determine suitability for program clients, particularly for UMAs where Heartland is not responsible for trade execution, trade timing, broker selection, recordkeeping or other client services. However, in some cases, Heartland relies on the information regarding each prospective client that is provided to Heartland by the Program Sponsor in determining the suitability of Heartland’s investment management style selected by a program client to the individual needs and nancial situation of such client. Heartland may also serve as an investment manager or subadviser to clients of other Intermediaries on a discretionary basis, either by contracting directly with the Intermediary or through a contract with a managed account program sponsor, in exchange for a fee based on the assets managed by Heartland. The Intermediary is responsible for determining the suitability of Heartland’s investment management style for the client. The fees paid to Heartland vary from the schedule of fees stated in Item 5: Fees and Compensation and between different wrap or model portfolio programs. In addition, clients participating in a wrap or model portfolio program typically are not subject to Heartland’s minimum account size that otherwise applies to other separately managed accounts. As of December 31, 2022, Heartland managed $1,691,149,105 in client assets on a discretionary basis and $0 in client assets on a non-discretionary basis.