Fund Description

The fund was incepted in October 1996 and is managed by Heartland Advisors, Inc. The fund seeks long-term capital appreciation. The fund invests primarily in common stocks whose current market prices, in Heartland Advisors' judgment, are undervalued relative to their intrinsic value. Using a multi-cap approach, the fund invests in companies of all sizes, although companies normally have market capitalizations in excess of $500 million. Dividends and capital gains are distributed annually.