HNMDX Fees and Costs — Heartland Mid Cap Value Fund, Institutional Class
Data updated: 2026-08-21
The net expense ratio is 0.85%: a 0.75% management fee plus 0.20% other expenses, less a 0.10% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $626K in broker commissions, 0.1176% of average net assets, and portfolio turnover was 72%.
HNMDX Fees and Expenses
Annual operating expenses and sales charges of HNMDX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.95% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
HNMDX Costs Over Time
On $10,000 invested in HNMDX, assuming 5% a year before costs, total costs come to $606 over 5 years, cutting the return by 1.02% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.85%) | $89 | $279 | $483 |
| Trading costs (broker commissions) | $12 | $39 | $67 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $333 | $606 |
| Value after costs | $10,398 | $11,243 | $12,157 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
HNMDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1176%
- Total broker commissions: $626K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 72%
- Securities on loan, average value: —
- Net income from securities lending: —
HNMDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN PRIME SERVICES LLC | $378K | 61.03% |
| KEYBANC CAPITAL MARKETS INC. | $62K | 9.95% |
| ROBERT W. BAIRD & CO. INCORPORATED | $61K | 9.79% |
| CONVERGEX PRIME SERVICES LLC | $35K | 5.62% |
| LIQUIDNET, INC. | $31K | 4.94% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $20K | 3.23% |
| WELLS FARGO SECURITIES | $12K | 1.92% |
| PIPER SANDLER & CO. | $9K | 1.42% |
| LAKE STREET CAPITAL MARKETS, LLC | $9K | 1.39% |
| STEPHENS | $4K | 0.70% |
Heartland Mid Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HNMDX | Institutional Class | 0.85% | none |
| HRMDX | Investor Class | 1.10% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.