Strategy. Under normal circumstances, at least 80% of the Mid Cap Value Funds net assets are invested in common stocks and other equity securities issued by mid-capitalization companies. For purposes of this test, Heartland Advisors considers companies in the market capitalization range of the Russell Midcap Value Index as mid-capitalization companies. As of April 30, 2024, the market capitalization range of the companies in the Russell Midcap Value Index was $2.4 billion to $51.8 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 40 to 60) of mid-capitalization common stocks selected … Show more… Under normal circumstances, at least 80% of the Mid Cap Value Funds net assets are invested in common stocks and other equity securities issued by mid-capitalization companies. For purposes of this test, Heartland Advisors considers companies in the market capitalization range of the Russell Midcap Value Index as mid-capitalization companies. As of April 30, 2024, the market capitalization range of the companies in the Russell Midcap Value Index was $2.4 billion to $51.8 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 40 to 60) of mid-capitalization common stocks 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 Investing TM 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. Show less