Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance information for institutional class shares of Funds that existed prior to 5/1/2008, is based on the performance of investor class shares. 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. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days (90 days for the International Value Fund) of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.
In the prospectus (pdf) dated 5/1/2014, the gross expense ratios for investor class shares were 1.20% for the Select Value Fund, 1.14% for the Value Plus Fund, and 1.08% for the Value Fund; the gross expense ratios for institutional class shares were 0.88% for the Select Value Fund, 0.84% for the Value Plus Fund, and 0.91% for Value Fund. 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 “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. Also, through 11/30/2001, the Advisor voluntarily waived a portion of the Select Value Fund's expenses. Without such waivers, total returns would have been lower. In the prospectus (pdf) dated 10/31/2014, the total annual Fund operating expenses after fee waiver and/or expense reimbursement for the Mid Cap Value Fund is 1.25% for investor class shares and 0.99% for institutional class shares. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Mid Cap Value Fund to ensure that total annual Fund operating expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for investor class shares and 0.99% for institutional class shares, through at least 10/31/2017, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the total annual Fund operating expenses would be 1.99% for investor class shares and 1.74% for institutional class shares. In the prospectus (pdf) dated 5/1/2014, the total annual Fund operating expense after fee waiver and/or expense reimbursement for the International Value Fund was 1.49%. Heartland Advisors has contractually agreed to waive its management fees and/or reimburse expenses of the International Value Fund to ensure that total annual Fund operating expenses for the Fund do not exceed 1.49% of the Fund’s average net assets, through at least 5/1/2016, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the total annual Fund operating expenses would be 2.00%.
Until 10/1/2013, the International Value Fund was a series of the Trust for Professional Managers.
On 5/1/2014, the International Value Fund’s benchmark changed from the MSCI AC World Index ex USA Small Cap Value to the Russell Global® ex-U.S. Small Cap Value Index. The primary reason for the change is this benchmark’s definition of value is based on the fundamental attributes of individual securities, which better aligns with the Fund’s investment strategy.
Economic predictions are based on estimates and are subject to change.
Sector classifications are generally determined by referencing the Global Industry Classification Standard Codes developed by Standard & Poor’s and Morgan Stanley Capital International. Sector allocations are a percent of equity investments and subject to change.
The statements and opinions expressed herein are those of the presenter. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date produced, and are subject to change without notice. All information is historical, not indicative of future results, and subject to change. The 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.
The above individuals are Registered Representatives of ALPS Distributors, Inc.
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