PM Commentary

In the prospectus dated 5/1/11, the gross expense ratios for the Heartland Select Value, Value Plus and Value Funds Investor Class shares were 1.23%, 1.17% and 1.14%, respectively. The expense ratios for the Heartland Select Value Fund, Value Plus Fund and Value Fund Institutional Class Shares were 0.96%, 0.86% and 0.95%, respectively. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the Institutional Class, to the extent necessary to maintain the Institutional Class's "Net Operating Expenses" at a ratio of 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Also, through November 30, 2001, the Advisor voluntarily waived a portion of the Select Value Fund's expenses. Without such waivers, total returns would have been lower.

Past performance does not guarantee future results. Performance information for the Institutional Class Shares prior to May 1, 2008 is based on the performance of the Investor Class. Performance represents past performance; current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. To obtain performance through the most recent month end, call 800-432-7856 or visit the Funds' Returns page on the website. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. 

The Funds invest in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies. Value investments are subject to the risk that their intrinsic values may not be recognized by the broad market. The Select Value and Value Plus Funds also invest in a smaller number of stocks (generally 40 to 60 and 40 to 70, respectively) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Funds’ returns. 

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Funds’ prospectus. To obtain a prospectus, please call 1-800-432-7856 or download it from our website. Please read the prospectus carefully before investing.

The statements and opinions expressed in the video are those of the presenter. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date of the video, and are subject to change without notice. All information is historical, not indicative of future results and subject to change. Audience should not assume that an investment in the securities mentioned was or would be profitable in the future. This information is not a recommendation to buy or sell.

Because of the ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. As of 12/31/11 the Select Value Fund was rated against 354, 307 and 145 mid-cap value funds over the 3-, 5- and 10-year periods, respectively. The Value Plus Fund was rated against 302, 264 and 145 small value funds over the 3-, 5- and 10-year periods, respectively. The Value Fund was rated against 302, 264 and 145 small value funds over the 3-, 5- and 10-year periods, respectively. The Select Value Fund has received Morningstar's 3-star rating for the 3-year period, and Morningstar's 4-star rating for the 5- and 10-year periods. The Value Plus Fund has received Morningstar's 3-star rating for the 3- year period, and Morningstar's 5-star rating for the 5- and 10-year periods. The Value Fund has received  Morningstar's 3-star rating for the 3-, 5- and 10-year periods. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar's risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately which may cause slight variations in the distribution percentages.) The Morningstar Ratings™ are for the specified share class; other classes may have different performance characteristics.

©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance, rankings and ratings are no guarantee of future results. Rankings and ratings change monthly. Investment return and principal value will fluctuate so that your shares, when redeemed may be worth more or less than their original purchase price.

Economic predications are based on estimates and are subject to change.

The above individuals are Registered Representatives of ALPS Distributors, Inc.

Lipper does not guarantee the accuracy of this information. As of December 31, 2011, for the 10, 5, 3 and 1-year periods, the Select Value Fund's Lipper numeric rankings were 16 of 114, 12 of 219, 104 of 263 and 244 of 309, respectively. As of December 31, 2010, for the 10, 5, 3 and 1 year periods, the Select Value Fund was ranked 2 of 102, 5 of 244, 10 of 288 and 112 of 345.