Fund Commentary

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9/30/19
Heartland Select Value Fund Portfolio Manager Commentary

Heartland Select Value Fund 3Q19 Portfolio Manager Commentary

With no clear narrative in place for what the economy holds in the near term, investors sought to hedge their bets.

9/30/19
Heartland Mid Cap Value Fund Portfolio Manager Commentary

Heartland Mid Cap Value Fund 3Q19 Portfolio Manager Commentary

An uncertain outlook led to a volatile quarter for equities, yet the major indices ended the period up modestly.

9/30/19
Heartland Value Plus Fund Portfolio Manager Commentary

Heartland Value Plus Fund 3Q19 Portfolio Manager Commentary

The ongoing rush to perceived defensive and momentum names has created a crowded trade in those areas and drove significant swings in performance for the indices throughout the period.

9/30/19
Heartland Value Fund Portfolio Manager Commentary

Heartland Value Fund 3Q19 Portfolio Manager Commentary

This is only the third time in the past 35 years that the gap in valuations between large and small stocks has reached this level.

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6/30/19

Heartland Select Value Fund 2Q19 Portfolio Manager Commentary

Softening economic data and ongoing trade disagreements highlight the need for a patient, disciplined investment approach.

6/30/19

Heartland Mid Cap Value Fund 2Q19 Portfolio Manager Commentary

Heightened trade tensions and mixed economic data led investors to focus on mitigating perceived risks.

6/30/19

Heartland Value Plus Fund 2Q19 Portfolio Manager Commentary

A skittish tone to the markets drove volatility higher and provided opportunities for active managers to harvest gains and deploy capital into overlooked opportunities.

6/30/19

Heartland Value Fund 2Q19 Portfolio Manager Commentary

By chasing dubious growth projections from the latest and greatest story stock, investors are setting the stage for potential pain.

3/31/19

Heartland Select Value Fund 1Q19 Portfolio Manager Commentary

Security selection was strong with the Fund’s Energy and Information Technology names boosting results.

3/31/19

Heartland Mid Cap Value Fund 1Q19 Portfolio Manager Commentary

Oversold conditions at the end of 2018 led to a burst of buying activity to start the year, and the equity markets rebounded sharply.

3/31/19

Heartland Value Plus Fund 1Q19 Portfolio Manager Commentary

We remain confident that underlying fundamentals remain solid and expect the economy to continue to grow at a measured pace.

3/31/19

Heartland Value Fund 1Q19 Portfolio Manager Commentary

The impact of emotion has created a bear market for logic in the markets.

12/31/18

Heartland Select Value Fund 4Q18 Portfolio Manager Commentary

Security selection was strong and the Fund beat its benchmark, the Russell 3000® Value Index, for both the quarter and full year.

12/31/18

Heartland Mid Cap Value Fund 4Q18 Portfolio Manager Commentary

A focus on potential economic pitfalls resulted in a jump in volatility, a move toward more defensive areas of the market, and a heightened focus on valuations.

12/31/18

Heartland Value Plus Fund 4Q18 Portfolio Manager Commentary

We remain confident that while the pace of earnings growth may slow in 2019, underlying economic fundamentals remain relatively solid.

12/31/18

Heartland Value Fund 4Q18 Portfolio Manager Commentary

Economic uncertainty could cause investors to seek more reasonably valued businesses over high-flying glamor names.

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©2019 Heartland Advisors | 789 N. Water Street, Suite 500, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856

View detailed Fund performance as of the most recent quarter and month end

Past performance does not guarantee future results.

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.

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. 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.

Sector and Industry classifications are sourced from GICS®.The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global Market Intelligence (“S&P”).  Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose.  The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.

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

The Heartland Funds are distributed by ALPS Distributors, Inc.

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