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 ratio for the Value Fund was 1.08% for investor class shares and 0.91% for institutional class shares. 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. This voluntary waiver and/or reimbursement may be discontinued at any time.
The Value Fund primarily invests in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies.
Heartland Advisors considers large-caps to be larger than $15 billion in market cap, mid-caps to be $2 billion to $15 billion, small-caps to be $300 million to $2 billion, and micro-caps to be less than $300 million. This breakdown does not include short-term investments. Portfolio holdings are subject to change without notice.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
The value of the Fund's investments will vary from day to day in response to the activities of individual companies and general market and economic conditions, which may cause loss of principal.
Portfolio holdings are subject to change without notice. Current and future portfolio holdings are subject to risk.
The holdings list excludes cash, cash equivalents, options, and futures.
Certain security valuations and forward estimates are based on Heartland Advisors' calculations. Any forecasts may not prove to be true.
Information about Morningstar Ratings™ are ©2013 Morningstar, Inc. All rights reserved. The information contained herein is (1) 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. 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. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance – including the effects of sales charges, loads, and redemption fees – places greater emphasis on downward variations, and rewards consistent performance. The top 10% of funds in a category receive 5 stars, next 22.5% receive 4 stars, next 35% receive 3 stars, next 22.5% receive 2 stars, and 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 distribution percentages. The Morningstar Ratings™ are for the investor class. Other classes have a common portfolio, different expense structures, and may have different performance characteristics.
As of 12/31/2014 Morningstar Ratings™: The Heartland Value Fund was rated against 194, 281, and 352 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 2, 2, and 2 stars, respectively.
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 members of the Portfolio Management Team are registered representatives of ALPS Distributors, Inc.
CFA is a trademark owned by CFA Institute.