Heartland Advisors of Milwaukee, Wisc., adviser to the Heartland Funds, is asking shareholders to vote to liquidate the Heartland Mid-Cap Value Fund because of the fund's poor performance and investor redemptions. The Mid-Cap Value Fund has substantially under-performed its benchmark index, the S&P 400, and has fared poorly in rankings and ratings from independent fund-tracking firms, Heartland said in a preliminary proxy statement filed with the SEC Sept. 21.
The poor performance and redemptions have caused the fund to decline from $50 million in assets under management in June 1998 to approximately $17 million as of Sept. 15, Heartland said. Shareholders are scheduled to vote on the liquidation at a meeting Nov. 30.
