HRVIX Fees and Costs — Heartland Value Plus Fund, Investor Class
Data updated: 2026-08-21
The net expense ratio is 1.22%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.27% other expenses. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $433K in broker commissions, 0.1536% of average net assets, and portfolio turnover was 67%.
HRVIX Fees and Expenses
Annual operating expenses and sales charges of HRVIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.22% |
| Fee waiver | — |
| Net expense ratio | 1.22% |
| 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 | No |
| Waived fees subject to recoupment | No |
HRVIX Costs Over Time
On $10,000 invested in HRVIX, assuming 5% a year before costs, total costs come to $853 over 5 years, cutting the return by 1.44% 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 1.22%) | $128 | $398 | $688 |
| Trading costs (broker commissions) | $16 | $50 | $87 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $144 | $471 | $853 |
| Value after costs | $10,356 | $11,106 | $11,910 |
| Impact on return, per year | 1.44% | 1.44% | 1.44% |
HRVIX 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): 0.1536%
- Total broker commissions: $433K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 67%
- Securities lending: none during the year
HRVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN PRIME SERVICES LLC | $218K | 50.70% |
| KEYBANC CAPITAL MARKETS INC. | $98K | 22.78% |
| LIQUIDNET, INC. | $27K | 6.31% |
| ROBERT W. BAIRD & CO. INCORPORATED | $27K | 6.28% |
| CONVERGEX PRIME SERVICES LLC | $22K | 5.04% |
| WELLS FARGO SECURITIES, LLC | $12K | 2.80% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $10K | 2.43% |
| STEPHENS | $8K | 1.79% |
| PIPER SANDLER & CO. | $4K | 1.04% |
| BIDS TRADING L.P. | $4K | 0.83% |
Heartland Value Plus Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HNVIX | Institutional Class | 0.99% | none |
| HRVIX | Investor Class | 1.22% | 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.