XML 14 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0000809586
HEARTLAND MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

HEARTLAND MID CAP VALUE FUND
Investment Objective, Heading rr_ObjectiveHeading

INVESTMENT GOAL
Investment Objective, Primary rr_ObjectivePrimaryTextBlock

The Mid Cap Value Fund seeks long-term capital appreciation and modest current income.
Expense, Heading rr_ExpenseHeading

FEES AND EXPENSES OF THE MID CAP VALUE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Investor or Institutional Class Shares of the Mid Cap Value 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 Mid Cap Value 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 Fund's portfolio turnover rate was 76% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 76.00%
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 Mid Cap Value 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 previous table is reflected through May 1, 2019.
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 OF THE MID CAP VALUE FUND
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

Under normal circumstances, at least 80% of the Mid Cap Value Fund's net assets are invested in equity securities of mid-capitalization companies. For purposes of this test, Heartland Advisors considers securities in the market capitalization range of the Russell MidCap® Index as mid-capitalization companies. As of March 31, 2017, the largest market capitalization of a company in the Russell MidCap® Index was $63.8 billion and the weighted average market capitalization was $9.2 billion. The median market capitalization of the Fund is expected to fluctuate over time depending on Heartland Advisors' perceptions of relative valuations, future prospects, and market conditions.

 

The Mid Cap Value Fund invests primarily in a concentrated number (generally 30 to 60) of mid-capitalization equity securities selected on a value basis and whose current market prices, in Heartland Advisors' judgment, are undervalued relative to their intrinsic value. A majority of its assets are generally invested in dividend-paying common stocks.

 

The Fund utilizes Heartland Advisors' disciplined and time-tested 10 Principles of Value InvestingTM framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing™ are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.
Strategy Portfolio Concentration rr_StrategyPortfolioConcentration The Mid Cap Value Fund invests primarily in a concentrated number (generally 30 to 60) of mid-capitalization equity securities selected on a value basis and whose current market prices, in Heartland Advisors’ judgment, are undervalued relative to their intrinsic value.
Risk, Heading rr_RiskHeading

PRINCIPAL RISKS OF THE MID CAP VALUE FUND
Risk, Narrative rr_RiskNarrativeTextBlock

The Mid Cap Value Fund is designed for investors who seek long-term capital appreciation from mid-capitalization stocks that may produce modest dividend income to the Fund. It is constructed as a core value holding for investors who can accept the volatility and other investment risks of the broad-based equity markets, but want to manage these risks by investing in companies believed to be undervalued relative to their intrinsic value.

 

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

 

-       New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size.

 

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

 

-       Sector Risk. Although Heartland Advisors selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with less weighting in that sector.

 

-       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.

 

-       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.

 

-       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 risk. Equity securities of the smaller companies in which the Fund may 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.

 

An investment in a Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other governmental agency. It is not designed to be a complete investment program, and while you may make money, you can also lose money. Each Fund's share price will fluctuate.

Risk, Lose Money rr_RiskLoseMoney The principal risk of investing in the Mid Cap Value Fund is that its share price and investment return will fluctuate, and you could lose money.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution An investment in a Fund is not a deposit of a bank, nor insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

PAST PERFORMANCE
Performance, Narrative rr_PerformanceNarrativeTextBlock

The following tables show historical performance of the Mid Cap Value Fund and provide some indication of the risks of investing in the Fund. Table I shows how the total returns before taxes for the Fund's Investor Class Shares have varied from year to year. Table II shows how the Fund's average annual total returns compare to those of a securities market index. 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 heartlandadvisors.com or by calling 1-800-432-7856.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables show historical performance of the Mid Cap Value 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 heartlandadvisors.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

MID CAP VALUE FUND - INVESTOR CLASS SHARES - YEAR-BY-YEAR TOTAL RETURNS
Bar Chart, Closing rr_BarChartClosingTextBlock

Best Quarter:

Worst Quarter:

4th Quarter of 2016…….11.86%

3rd Quarter of 2015….-10.50%

Performance Table Heading rr_PerformanceTableHeading

TABLE II  mid cap Value Fund - Average Annual Total Returns [for the periods ended 12/31/16]

Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes reflects no deduction for fees, expenses or taxes
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, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
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. In addition, after-tax returns are shown only for Investor Class Shares, and after-tax returns for the Institutional Class Shares will vary. 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 MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND | Russell MidCap® Value Index  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Russell MidCap® Value Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.00%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.59%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2014
HEARTLAND MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND | Investor Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of the net asset value of any shares that are redeemed or exchanged within 10 days after they were purchased) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.22%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.22%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.97%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.25% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 807
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,511
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,381
Annual Return 2015 rr_AnnualReturn2015 (7.08%)
Annual Return 2016 rr_AnnualReturn2016 28.67%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.50%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 28.67%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.40%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2014
HEARTLAND MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND | Investor Class Shares | 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 28.46%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.06%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2014
HEARTLAND MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND | Investor Class Shares | 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 16.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.20%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2014
HEARTLAND MID CAP VALUE FUND (Prospectus Summary) | HEARTLAND MID CAP VALUE FUND | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of the net asset value of any shares that are redeemed or exchanged within 10 days after they were purchased) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 2.71%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.46%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.99% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 832
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,585
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,569
Average Annual Returns, Label rr_AverageAnnualReturnLabel Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 28.97%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.68%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2014
[1] Pursuant to an operating expense limitation agreement between Heartland Advisors and Heartland Group, Inc., on behalf of the Fund, Heartland Advisors has agreed to waive its management fees and/or pay expenses of the Fund to ensure that the Fund's 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 1.25% of the Fund's average net assets for the Investor Class Shares and 0.99% for the Institutional Class Shares through at least May 1, 2019, and subject to annual re-approval of the agreement by the Board of Directors, thereafter. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Directors.