Investment Considerations: In addition to stocks of large companies, the Select Value Fund invests in small and mid-sized companies that are generally less liquid than large companies. The Fund also invests in a smaller number of stocks (generally 40 to 60) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund’s returns. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.Lipper, Inc., a Thomson Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. The Lipper Fund Awards are awarded annually to the highest Lipper Leader for Consistent Return (risk-adjusted) value within each eligible fund classification over a three, five, or ten year period. Lipper award designations are not intended to constitute investment advice or predict future results, and Lipper does not guarantee the accuracy of this information. Past performance is not indicative of future results. Lipper ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested and are not intended to predict future results. Lipper does not guarantee the accuracy of this information. For the 10, 5, 3 and 1-year periods, the Fund’s Lipper numeric rankings were 16 of 114, 12 of 219, 104 of 263 and 244 of 309, respectively, as of December 31, 2011. The Heartland Funds and the Heartland International Small Cap Fund are distributed by ALPS Distributors, Inc. The above individuals are registered representatives of ALPS Distributors, Inc.
Today the Heartland Select Value Fund (HRSVX) received a 2012 Lipper Award for industry-leading risk-adjusted returns. The Fund was honored as #1 in the Multi-Cap Value Fund category for the 10-year period ended December 31, 2011 (out of 113 funds). 2012 marks the sixth consecutive year the Heartland Select Value Fund has received a Lipper Award over a three, five, or ten-year period. Said Dave Ribbens, Senior Vice President and Head of Distribution, “We think part of what makes Heartland special is our disciplined application of value investing principles, consistently over time. Therefore it’s a huge honor to be recognized as a performance leader over a 10-year time period.” Co-managed by David Fondrie, Will Nasgovitz, Ted Baszler and Hugh Denison, the Select Value Fund is a true multi-cap stock fund designed as a core equity holding. Small-, mid-, and large-cap market capitalizations are always represented in the Fund. Said co-manager Will Nasgovitz, “To us, what’s especially gratifying about this 10-year award is how it speaks to the success of a true multi-cap approach over time. In the Select Value Fund, we can zero in on the best opportunities irrespective of market capitalization ranges. We think that’s a powerful advantage.” Like each of the Heartland Funds, the Select Value Fund is managed based on Heartland’s 10 Principles of Value Investing™, which have guided Heartland’s investment philosophy since its founding more than 25 years ago. About Heartland Heartland Advisors, Inc. is an independently owned Milwaukee-based firm established in 1983 and renowned as America’s Value Investor®. As of February 29, 2012, the firm managed approximately $5.2 billion for institutional and high net worth clients and the Heartland family of value-driven mutual funds, which include the Heartland Value Fund (Investor: HRTVX), Heartland Value Plus Fund (Investor: HRVIX), Heartland Select Value Fund (Investor: HRSVX), and Heartland International Small Cap Fund (HINVX). Learn more at www.heartlandfunds.com and www.heartlandinternationalfund.com. An investor should consider the Funds’ investment objectives, risk and charges and expenses carefully before investing or sending money. This and other important information can be found in the Funds’ prospectus. To obtain a Heartland Funds’ prospectus, please call 1-800-432-7856 or visit www.heartlandfunds.com . For the Heartland International Small Cap Fund prospectus, please call 1- 877-484-6838 or visit www.heartlandinternationalfund.com . Please read the prospectus carefully before investing. Past performance does not guarantee future results. The value of the Fund's investments will vary from day to day in response to the activities of individual companies and general market and economic conditions, which may cause loss of principal.