Heartland Funds Performance

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance for institutional class shares prior to their initial offering 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 of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain performance through the most recent month end, call 800-432-7856 or visit heartlandadvisors.com.

In the prospectus dated 5/1/2024, the Gross Fund Operating Expenses for investor class shares of the Value Plus and Value Funds are 1.18% and 1.07%, respectively, and the Gross Fund Operating Expenses for institutional class shares of the Value Plus and Value Funds are 0.92% and 0.89%, respectively. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class of the Value Plus Fund, to the extent necessary to maintain the institutional class of the Value Plus Fund  “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. In the prospectus dated 5/1/2024, the Net Fund Operating Expenses for investor and institutional class shares of the Mid Cap Value Fund are 1.10% and 0.85%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Mid Cap Value Fund to ensure that Net Fund Operating Expenses for the Fund do not exceed 1.10% of the Fund’s average net assets for investor class shares and 0.85% for institutional class shares, through at least 4/5/2026 and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the Gross Fund Operating Expenses would be 1.17% for the investor class shares and 0.95% for the institutional class shares of the Mid Cap Value Fund.

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information may be found in the Funds' prospectus. To obtain a prospectus, please call 800-432-7856 or visit heartlandadvisors.com. Please read the prospectus carefully before investing.

The inception dates for the Mid Cap Value, Value Plus, and Value Funds investor class shares are 10/31/2014, 10/26/1993, and 12/28/1984, respectively. 

The inception dates for the Mid Cap Value, Value Plus, and Value Funds institutional class shares are 10/31/2014, 5/1/2008, and 5/1/2008, respectively.

The Fund’s performance information included in regulatory filings includes a required index that represents an overall securities market (Regulatory Benchmark). In addition, the Fund's regulatory filings may also include an index that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). The Fund's performance included in marketing and advertising materials and information other than regulatory filings is generally compared only to the Strategy Benchmark.

In addition to stocks of large companies, the Funds invest in small- and mid-sized companies that are generally less liquid and more volatile than large companies. The Mid Cap Value and Value Plus Funds 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. 

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

Heartland’s investing glossary provides definitions for several terms used on this page.

The Heartland Funds are distributed by ALPS Distributors, Inc.