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.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
Sector and industry classifications as determined by Heartland Advisors may reference data from sources such as FactSet Research Systems, Inc. or the Global Industry Classification Codes (GICS) developed by Standard & Poor’s and Morgan Stanley Capital International.
The portfolio may lose value in various market conditions and an investor could have a loss of principal.
Portfolio holdings are subject to change without notice. Current and future portfolio holdings are subject to risk.
Portfolio holdings exclude 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 ©2015 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. Past performance is no guarantee of future results.
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—placing 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 specified share class. Classes have a common portfolio, different expense structures, and may have different performance characteristics. For periods prior to the inception date of the institutional class, ratings are calculated using the investor class.
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 3/31/2016 Morningstar Ratings™: The Heartland Value Investor Fund investor class was rated against 215, 331, and 380 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 2, 1, and 2 stars, respectively.
As of 3/31/2016 Morningstar Ratings™: The Heartland Value itutional Fund institutional class was rated against 215, 331, and 380 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 2, 1, and 2 stars, respectively.
There is no guarantee that a particular investment strategy will be successful.
Unless noted with an asterisk (*), the above individuals are registered representatives of ALPS Distributors, Inc.
CFA is a trademark owned by CFA Institute.
The Heartland Funds are distributed by ALPS Distributors, Inc.
Separately managed accounts and related investment advisory services are provided by Heartland Advisors, Inc., a federally registered investment advisor. ALPS Distributors, Inc., is not affiliated with Heartland Advisors, Inc.