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Source: © Copyright 2016 Ned Davis Research, Inc., 1/31/1926 to 11/30/2016 Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/. Stock market capitalization is a proprietary data series which includes the estimated value of 3900 U.S. common stocks and references NYSE Market Capitalization prior to 1973 and Dow Jones Total Stock Market Capitalization from January 1973 to September 1980. Gross Domestic Product (GDP) is calculated by Ned Davis using estimates of fixed-weighted GDP from January 1926 to February 1946 and chain-weighted GPD after February 1946. Past performance does not guarantee future results. *Investment Company Institute, Long-Term Mutual Fund and Exchange Traded Fund Flows, as of 12/14/2016 Past performance does not guarantee future results. An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Funds’ prospectus. To obtain a prospectus, please call 800-432-7856 or visit heartlandadvisors.com. Please read the prospectus carefully before investing. Investing involves risk, including the potential loss of principal. There is no guarantee that any particular investment strategy will be successful. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market. The statements and opinions expressed in this article are those of the presenter(s). Any discussion of investments and investment strategies represents the presenter’s views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true. Economic predictions are based on estimates and are subject to change. Definitions: American Association of Individual Investors (AAII: Investor Sentiment Survey: measures the percentage of individual investors who are bullish, bearish, and neutral on the stock market for the next six months by polling AAII members on a weekly basis. Only one vote per member is accepted in each weekly voting period. Gross Domestic Product (GDP): is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. Passive Management: a style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index. Price/Cash Flow: represents the amount an investor is willing to pay for a dollar generated from a particular company's operations, shows the ability of a business to generate cash, and acts as a gauge of liquidity and solvency. Price/ Earnings Ratio: of a stock is calculated by dividing the current price of the stock by its trailing or its forward 12 months’ earnings per share. The Heartland Funds are distributed by ALPS Distributors, Inc. HLF5492/0417