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 5/1/2016, the gross expense ratios for investor class shares of the Select Value, Value Plus, and Value Funds are 1.20%, 1.16%, and 1.06%, respectively, and the gross expense ratios for institutional class shares of the Select Value, Value Plus, and Value Funds are 0.94%, 0.90%, and 0.91%, 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 “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 5/1/2016, the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for investor and institutional class shares of the Mid Cap Value Fund is 1.25% and 0.99%, respectively. 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 3.55% for the investor class shares and 3.41% for the institutional class shares. In the prospectus (pdf) dated 5/1/2016, the Total Annual Fund Operating Expense After Fee Waiver and/or Expense Reimbursement for the International Value Fund is 1.49%. The Advisor 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 5/1/2017, 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 1.81%.
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 prospectus (pdf). To obtain a print prospectus, call 800-432-7856. Please read the prospectus carefully before investing.
The inception dates for the Select Value, Mid Cap Value, Value Plus, Value, and International Value Funds investor class shares are 10/11/1996, 10/31/2014, 10/26/1993, 12/28/1984, and 10/1/2010, respectively.
Performance data quoted for periods prior to 10/1/2013 for the International Value Fund is that of the predecessor Fund (the Heartland International Value Fund a series of Trust for Professional Managers), which commenced operations on 10/1/2010.
Due to the discontinuation of the Russell® Global ex-US Small Cap Value Index, the International Value Fund changed its benchmark to the Russell® Global ex-US Small Cap Index on 3/18/2016.
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 Select Value, Mid Cap Fund, and Value Plus Funds invest in a smaller number of stocks (generally 40 to 60, 30 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. The International Value Fund invests in foreign securities which have additional risks, including but not limited to, exchange rate changes, political and economic upheaval, and relatively low market liquidity. These risks are magnified in emerging markets. There can be no assurance that the Mid Cap Value Fund will grow to or maintain an economically viable size, in which case the Board of Directors may determine to liquidate the Fund.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.