XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0000809586
HEARTLAND INTERNATIONAL VALUE FUND (Prospectus Summary) | HEARTLAND INTERNATIONAL VALUE FUND
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

heartland INTERNATIONAL VALUE fund
Investment Objective, Heading rr_ObjectiveHeading

INVESTMENT GOAL
investment Objective, Primary rr_ObjectivePrimaryTextBlock

The Heartland International Value Fund (the “Fund”) seeks long-term capital appreciation with modest current income.
Expense, Heading rr_ExpenseHeading

FEES AND EXPENSES 
Expense, Narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Predecessor Fund's portfolio turnover rate was 51% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 51.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through May 1, 2016. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Investment Strategy, Heading rr_StrategyHeading

Principal Investment Strategies
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Fund primarily invests in non-U.S. and U.S. equity securities, selected on a value basis and whose current market prices, in Heartland Advisors, Inc.'s (“Heartland Advisors”) judgment, are undervalued relative to their true worth. At least a majority of its assets are invested in dividend paying equity securities, which may provide modest income to the Fund. Under normal circumstances, the Fund primarily invests in a concentrated number of non-U.S. and U.S. equity securities (including common stock, preferred stock, depositary receipts (“DRs”) and options) of companies with market capitalizations up to $5 billion at the time of purchase. The median market capitalization is expected to fluctuate over time depending on Heartland Advisor's perceptions of relative valuations, future prospects and market conditions.

 

The Fund may invest up to 50% of its net assets at market value at the time of purchase in emerging and less developed markets. At least 40% of the Fund's net assets, calculated at the time of purchase, will be invested in foreign securities. The Fund does not invest more than 35% of its net assets at market value at the time of purchase in companies from any single country, including the United States. Up to 10% of the Fund's net assets, measured at the time of purchase, may be invested in American Depositary Receipts (ADRs).

Heartland Advisors' disciplined and time-tested 10 Principles of Value InvestingTM framework is utilized to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. 

 

The Fund is designed for investors who seek long-term capital appreciation from a diversified, actively managed portfolio of international stocks. It is constructed for investors who can accept the volatility and other investment risks of the broad-based international equity markets, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.
Risk, Heading rr_RiskHeading

Principal Risks
Risk, Narrative rr_RiskNarrativeTextBlock

The principal risk of investing in the Fund is that its share price and investment return will fluctuate, and you could lose money. The principal investment risks of the Fund include:

 

        -       Management Risk. The ability of the Fund to meet its investment objective is directly related to the Advisor's investment strategies for the Fund.

 

        -       General Market Risk. The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

 

        -       LIMITED OPERATING HISTORY RISK. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Directors may determine to liquidate the Fund.

 

        -       Equity Market Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

 

        -       Foreign INVESTING RISK. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse political, social, regulatory, and economic developments. Foreign security prices can be affected by exchange rate and foreign currency fluctuations, less publicly available information, and different accounting, auditing, legal, and financial standards. Foreign investments may also be less liquid than investments in U.S. issuers. This risk may be heightened in emerging or developing markets.

 

        -       Emerging Markets Risk. The risks of foreign investments typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss.

 

        -       Value-Style Investing Risk. Value stocks can perform differently from the market as a whole and from other types of stocks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

 

        -       SMALLER COMPANY SECURITIES. Equity securities of the smaller companies in which the Fund invest generally involve a higher degree of risk than investments in the broad-based equity markets. The security prices of smaller companies generally are more volatile than those of larger companies, they generally will have less market liquidity, and they may be more likely to be adversely affected by poor economic or market conditions.

 

        -       Limited Portfolio Risk. As the Fund invests in a limited number of stocks, a change in the value of any single holding may have a more pronounced effect on the Fund's net asset value (“NAV”) and performance than would be the case if it held more positions. This generally will increase the volatility of the Fund's NAV and investment return.

 

        -       Currency Risk. Foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars. The exchange rates between foreign currencies and the U.S. dollar fluctuate continuously. As a result, the values of the Fund's non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar.

 

        -       Convertible Securities Risk. Because convertible securities have attributes of both debt and equity securities, they are exposed to the risks of both. Convertible securities are subordinated to any senior debt securities of an issuer, and their value can change in response to changes in interest rates or in perceptions of the creditworthiness of their issuer. Since the value of convertible securities is also derived in part from the value of the common stock into which they may be converted, they are also subject to the same types of market and issuer risks that apply to the underlying common stock.

 

        -       Preferred Stock Risk. A preferred stock has a blend of the characteristics of bonds and common stock. It may offer the higher yield of a bond and has priority over common stock in equity ownership, but it does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited.
Risk, Lose Money rr_RiskLoseMoney The principal risk of investing in the Value Plus Fund is that its share price and investment return will fluctuate, and you could lose money.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Past Performance 
Performance, Narrative rr_PerformanceNarrativeTextBlock

Pursuant to an Agreement and Plan of Reorganization between the Heartland Funds, on behalf of the Fund, and Trust for Professional Managers, on behalf of the Heartland International Value Fund (the “Predecessor Fund”), to take place on or about October 1, 2013, the Fund will acquire all the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund. The following tables show historical performance of the Predecessor Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Predecessor Fund varied from year to year. Table II shows how the Predecessor Fund's average annual total returns compare to its securities market benchmark. Past performance (before and after taxes) does not guarantee future results. Recent performance information for the Fund is available on the Fund's website at www.heartlandfunds.com or by calling 1-800-432-7856.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables show historical performance of the Predecessor Fund and provide some indication of the risks of investing in the Fund.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-432-7856
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress www.heartlandfunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not guarantee future results.
Bar Chart, Heading rr_BarChartHeading TABLE I Year-by-Year Total Returns
Bar Chart, Closing rr_BarChartClosingTextBlock

Best Quarter:                                                                                  Worst Quarter:

1st Quarter of 2012. . . .15.51%                                                    3rd  Quarter of 2011 . . . .-16.32%
Performance Table, Heading rr_PerformanceTableHeading

TABLE II Average Annual Total Returns (for the periods ended 12/31/12)

Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table, Closing rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The differences in before-tax returns and after-tax returns on distributions and sale of Fund shares are due to adjustments incorporated into the after-tax returns for qualified taxable dividend income and qualifying foreign tax credits.
HEARTLAND INTERNATIONAL VALUE FUND (Prospectus Summary) | HEARTLAND INTERNATIONAL VALUE FUND | MSCI AC World Index ex USA Small Cap Value
  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel MSCI AC World Index ex USA Small Cap Value (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.15%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.98%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
HEARTLAND INTERNATIONAL VALUE FUND (Prospectus Summary) | HEARTLAND INTERNATIONAL VALUE FUND | Investor Class
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of the then-current net asset value of any shares of the Fund that are redeemed or exchanged within 90 days after they were purchased, exclusive of wire service charges of $4.00 and express mail charges of $22.00, if applicable) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.96%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.57%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.49% [1]
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 152
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 471
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 941
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,241
Annual Return 2011 rr_AnnualReturn2011 (21.99%)
Annual Return 2012 rr_AnnualReturn2012 26.97%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.51%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.32%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.97%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.98%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
HEARTLAND INTERNATIONAL VALUE FUND (Prospectus Summary) | HEARTLAND INTERNATIONAL VALUE FUND | Investor Class | After Taxes on Distributions
  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.96%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
HEARTLAND INTERNATIONAL VALUE FUND (Prospectus Summary) | HEARTLAND INTERNATIONAL VALUE FUND | Investor Class | After Taxes on Distributions and Sales
  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.16%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.81%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
[1] Pursuant to an operating expense limitation agreement between the Fund's investment advisor, Heartland Advisors, Inc. (the ' Heartland Advisors'), and the Fund, Heartland Advisors has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses or extraordinary expenses) do not exceed 1.49% of the Fund's average net assets (the 'Expense Cap'), through at least May 1, 2016. The operating expense limitation agreement may be terminated only by, or with the consent of, Heartland's Board of Directors (the 'Board of Directors'). Heartland Advisors is permitted to be reimbursed for management fee waivers and/or expense payments made in the prior three fiscal years, subject to the Expense Cap.