The investment management, trading and operational functions of Heartland Advisors are governed by comprehensive policies, procedures, and oversight bodies.
Heartland Funds Board of Directors
An independent Board of Directors is responsible for the management of the Heartland Funds, as well as providing broad supervision of business operations.
The Board meets quarterly to review the investments, performance, and expenses of the Funds. It also establishes, monitors, and reviews numerous policies and procedures governing the business conduct of Heartland.
The Statement of Additional Information provides further information about the Board and its Directors.
Ward D. Armstrong
Armstrong has been a Director since February 2008. He has extensive experience in developing, evaluating, and monitoring asset management portfolios. He has a strong background and knowledge base in selling, marketing, and distributing mutual fund shares, and he previously served as a director on the boards of two other asset management firms.
- NorthRock Partners, Managing Partner, 2010-2015
- Ameriprise Trust Company, Chairman, 1996-2007
- Ameriprise Financial, Senior Vice President, 1984-2007
- American Express Asset Management Group, President, 2002-2004
Gonzalez-Burdin has been a Director since April 2022. She has significant investment industry, investment strategy assessment, portfolio management and business experience, as well as a strong knowledge of capital markets, operations and risk assessment in the mutual fund industry.
- Strategic Investment Group, Managing Director and Head of Global Equities, 1991-2021
- Barclays Global Investors, various roles prior to 1991
Dale J. Kent
Kent has been a Director since August 2003, and he is Chair of the Audit Committee. He has strong knowledge of accounting, compliance, and risk assessment in the mutual fund industry. He has supervised numerous audits of mutual funds and hedge funds, as well as provided audit and related services to asset managers and securities firms.
- West Bend Mutual Insurance of Wisconsin, Executive Vice President and CFO, 2002-2017
- Arthur Andersen, Partner, 1986-2002
- Arthur Andersen, various capacities, 1974-1985
Robert A. Rudell
Rudell has been a Director since February 2005, and is Chair of the Board. His experience in the asset management industry includes responsibility for systems, operations, and financial reporting. He brings a strong knowledge of operations, compliance, and risk assessment in the mutual fund industry.
- Optimum Funds, Board Director, 2003-present
- Medtox Scientific, Board Director, 2002-2012
- Vantagepoint Funds, 2007-2011
- Zurich Scudder Investments, COO, 1998-2002
- Scudder Retirement Services, President, 1996-1998
- IDS/American Express, President of Institutional Retirement Services and other capacities, 1973-1996
Tantra has been a Director since April 2022. She has an extensive background in financial services business strategy, legal and compliance. Through her experience and senior leadership roles, she possesses a strong knowledge of operations, compliance and risk assessment in the mutual fund industry.
- Global Rhino, LLC, Co-Chief Executive Officer, 2018-Present
- CCO Technology, LLC, Chief Strategy Officer, 2019-Present
- Ultimus Fund Solutions, Executive Vice President, 2017-2018
- Foreside Financial Services, LLC, Managing Director, 2016-2017
- Beacon Hill Fund Services, Director and General Counsel, 2008-2016
Heartland Advisors Committees
- Reviews trade execution and allocation to ensure a fair and equitable process
- Reviews commissions paid for research and other services provided for the benefit of clients
Business Conduct and Rules Committee
- Monitors compliance with the Firm's Business Conduct Rules and Code of Ethics
- Produces interpretive guidance regarding the Rules
- Takes remedial actions in response to violations
Disclosure Controls Committee
- Maintains and evaluates effectiveness of procedures for releasing regulatory information and financial reports
- Ensures accuracy of regulatory and financial reports
Investment Management Team
- Meets weekly to discuss various issues related to investment concepts, including cash management
Investment Policy Committee
- Reviews portfolio and market risks
- Reviews operational and procedural risks
- Ensures security valuations are consistent with Heartland’s policies and procedures
Firm Operating Policies