From the prospectus link above:
(1) ‘‘Acquired Fund Fees and Expenses’’ are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
(2) The Fund’s Advisor, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 1.25% and 1.50% until May 1, 2019. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits, and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund’s Board of Trustees.

How to Invest in Zero Coupon Bonds
July 19, 2018
Zero-coupon bonds live in the investing weeds, easily ignored by ordinary investors seeking growth for college and retirement. Even fixed-income investors may pass them by, because they don't provide regular coupon payments – the interest earnings come all at once when the bond matures.
But the fact that they exist suggests they are useful to someone. Should ordinary investors take a look? How do they tend to do in times like these, with a strong economy but the threat of rising interest rates, which typically undermine interest-earning investments?
Because of that interest-rate risk, ordinary investors are probably wise to stay away for the time being, says Robert R. Johnson, principal at the Fed Policy Investment Research Group in Charlottesville, Virginia.
Zeros are purchased through a broker with access to the bond markets, or with an actively managed mutual fund or and index-style product like an exchange-traded fund.
"The idea of owning a zero makes sense when you have a target date in mind like college savings or retirement," says Travis T. Sickle, a financial planner in Tampa, Florida. "But once you look at the rates you realize they're not that great right now." – Jeff Brown
See why income investors consider zero coupon bonds for their portfolio.
From us news

https://www.sec.gov/Archives/edgar/data/809586/000089271218000338/hgi497.htm
497 1 hgi497.htm
Registration No. 33-11371
1940 Act File No. 811-4982
Filed Pursuant to Rule 497(e)
HEARTLAND GROUP, INC.
Heartland International Value Fund
Investor Class Shares (HINVX)
Institutional Class Shares (HNNVX)
Supplement dated July 18, 2018 to
Prospectus and Summary Prospectus,
each dated May 1, 2018
The Board of Directors (the “Board”) of Heartland Group, Inc. (the “Company”) has approved the liquidation of the Heartland International Value Fund (the “Fund”), subject to shareholder approval. Upon the recommendation of Heartland Advisors, Inc. (“Heartland”), the investment adviser to the Fund, the Board approved a Plan of Liquidation (the “Plan”) for the Fund on July 18, 2018. After considering a variety of factors, the Board concluded it was in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company.
The Board also determined to close the Fund to purchases and incoming exchanges after market close on July 18, 2018. Exceptions may be made in limited circumstances when approved by the officers of the Company where it is not operationally possible or otherwise impracticable to prohibit new purchases by an account.
Although the Fund will be closed to purchases, you may continue to redeem your shares of the Fund as provided in the Fund’s prospectus or exchange your shares of the Fund for other Heartland Funds, as provided in the Fund’s prospectus. No redemption fees will be imposed by the Fund in connection with such redemptions or exchanges; however, please note that your financial intermediary may charge fees in connection with such redemptions or exchanges.
You should note that on or about July 19, 2018, the Fund will no longer actively pursue its stated investment objectives and Heartland will begin to liquidate the Fund’s portfolio. The Fund’s portfolio managers will likely increase the Fund’s assets held in cash and cash equivalents in order to prepare for the orderly liquidation of the Fund and to meet anticipated redemption requests.
Shareholders will receive a proxy statement discussing the Board’s decision to recommend the liquidation of the Fund and requesting that shareholders vote to approve the liquidation of the Fund pursuant to the Plan at a special meeting of shareholders. If the Plan is approved by shareholders, the Fund will be liquidated on or after the date of the shareholder meeting (the “Liquidation Date”). Any shareholders who have not redeemed their shares prior to the Liquidation Date will have their shares redeemed in cash and will receive one or more payments representing their proportionate interest in the net assets of the Fund as of the Liquidation Date, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. The automatic redemption of shares on the Liquidation Date will generally be treated the same as any other redemption of shares for tax purposes, so that shareholders (other than tax-qualified plans or tax-exempt accounts) will recognize gain or loss for federal income tax purposes on the redemption of their Fund shares in the liquidation. In addition, the Fund and its shareholders will bear transaction costs and tax consequences associated with the disposition of the Fund’s portfolio holdings prior to the Liquidation Date. The Fund expects to have declared and paid, by the Liquidation Date, a distribution or distributions, which, together with all previous such distributions, will have the effect of distributing to the Fund’s shareholders all of the Fund’s investment company taxable income and net capital gain, if any, realized in the taxable years ending at or prior to the Liquidation Date. The distribution or distributions may be reduced for any available capital loss carryforward and will include any additional amounts necessary to avoid federal excise tax. Shareholders should consult their tax adviser for further information about federal, state and local tax consequences relative to their specific situation. Because the Fund has been closed to new investments, including those made through the automatic reinvestment of Fund distributions, all distributions made after the date of this prospectus supplement will be paid in cash.
Important Information for Retirement Plan Investors
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you hold your Fund shares through a tax-deferred retirement account, you should consult with your tax adviser or account custodian to determine how you may reinvest your redemption proceeds on a tax-deferred basis. If you will receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA that is terminating as a result of the liquidation of the Fund, you must either roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year, if applicable, or request the distribution be made directly to another IRA or eligible retirement plan. Please note you can make only one tax-free rollover of a distribution you receive from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. If you receive a distribution from a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you must roll the distribution into an eligible retirement plan within 60 days in order to avoid disqualification of the plan and inclusion of the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.

Come on, political discussion w/ citations here often has financial ramifications. I would suggest closing discussions only when emptied or unduly (solely) rude and personal.

@VirtueRunsDeep-
I very much enjoyed reading your post, especially as it really reminded me of a similar situation with respect to lack of detailed financial knowledge with respect to our families. One area of financial knowledge that they were aware of though, from hard personal experience through the Depression, was NEVER to go into debt to buy anything except a home. Both my parents and my wife's parents managed to impart that wisdom to us, by example as well as by lecture.
Because of that, my wife and I are natural "savers", so when IRAs (yes, I remember the $2000 max) became available, we had the savings to start investing. We started very conservatively, with savings accounts, as as we gained knowledge of some of the other possible areas of investment we slowly expanded our financial horizons.
There are quite a number of friendly and knowledgeable posters here on MFO, and based on your post in this thread I believe that your questions and observations would be well received.

Hello dear MFO everyone. I rarely post here (the tone is tricky to engage with) but I read often and am grateful for the many perspectives on financial health and responsibility that many share. So for that: a big thank you.
I just wanted to respond to Catch and Hank's note about people not having financial knowledge or desire to gain the knowledge. I grew up in a poor family in the Midwest. Both my parents worked hard but having money to pay the bills seemed to be what took up most of their time. Investing in the stock market wasn't remotely possible for my family which means there was almost no conversation about investing and managing monies. Flash forward and I was a young writer living in New York -- my "day job" was working as a temp ("word processing" -- remember that nostalgic term?). One of my temp assignments took me to an investment banking firm called The Portfolio Group which was a subsidiary of the old Chemical Bank -- 57th floor of Rockefeller Plaza. They invested money for wealthy individual and foundations. This was the late 1980s. I was just a guy doing word processing around a lot of conversations about millions of dollars. Some of the portfolio managers noticed that I was a curious guy (they knew I was an artist) and offered to tutor me about the stock market. They even convinced me to open an IRA, to fully fund it (it was $2,000 max in those days, I think) -- which I did and continued to do. They gave me articles to read, engaged me in conversations, and made me feel like I was someone who had the right to know more about financial/investing opportunities. That was all I needed -- someone taking an interest in me and my financial future. I've been invested through Fidelity for nearly 30 years now. And that was last temp job I ever had. I've made my living as a writer ever since (which means financially there have been some incredible years and some awful years). It also means I've been self-employed all these years and so my retirement is fully self-funded. One reason I can still do my work is because I invested fairly young and never stopped. But I needed help to not be intimidated. I was lucky to have gotten that help. I just wanted to point out that some folks come from families and places where the very idea of participating in the stock market is not possible. It isn't just laziness or disinterest. (And if anyone happens to read this from The Portfolio Group: thank you!)
Sorry for the long post. I'll now go silent again! Thank you for reading.

Catch said, “Yes, there are millions who hold monies in IRA, 401k or 403b accounts, but my experience is that a very small percentage have much knowledge or desire to gain the knowledge.”
Hi Catch. I’m afraid giving most people financial advice is akin to giving them health advice (ie “loose some weight dude”). It usually runs like water off a duck’s back.
(Edit) Having said that ... I am eternally grateful to the co-worker who around 1971 tipped me off about our workplace 403B and recommended the (Templeton administered) plan. Getting started early - even in relatively small amounts - made a huge difference over time.

If you can set aside Cramer’s cartoonish on-screen persona and the fact that Jon Stewart in a face-to-face once made him look like an inept school child, the article here, written by Abigail Stevenson of CNBC (I skipped the video), seems about on par with the dozens (if not hundreds) of diverse financial analysis / advice columns that get churned out daily by our journalistic mill. One thing these writers all seem to do is inject some type of “edge” into their article to try and distinguish it from the hundreds of other competing articles (including some they may have written themselves). So Cramer / Stevenson take aim at some of mutual funds’ most obvious excesses.
One of Cramer’s shots is at the extraordinarily large number of funds. I think he has a point here. Heck, just with TRP where I’ve invested for quarter century I’m confused by the hundreds of funds and what exactly distinguishes one from another. Their latest attempt to play off the success of PRWCX with a milder income-focused version of that fund is but one example. Others have noted that they appear to have two different lines of retirement funds competing against each other for investor assets. Personally, I’m able to ignore most of that clutter and maintain a rather short list of six or seven funds which I have long held there.
And, how can one argue with his logic on fees? Of course owning individual stocks (which he suggests) rather than mutual funds would reduce the cost of being in the market. What he doesn’t say is that people invest in funds because it’s an easy (and initially cheaper) way to get the diversification they desire as compared to buying small slugs of hundreds of individual stocks. Also, through retirement plans (like the IRA) many with minimal investment knowledge are first introduced to investing. In this case, a “half-loaf” (funds & fees) may be preferable to no bread at all (not investing).
Where I might argue with Cramer is his assertion that fund companies have no incentive to perform well, since fees are derived from AUM rather than performance. That’s true to an extent; however, by performing well (and rising in value) the company’s funds do serve to increase its AUM (and revenue) over time - albeit indirectly.

FYI: When my nephews, Tyler and Adam, were six and eight years old respectively, I helped them start a portfolio of index funds. At the time, their mother insisted they split their weekly allowance three ways: a third for spending, a third for charity and a third for investing.
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/dont-punish-your-kids-teach-them-this-financial-lesson

what is risk parity ?
What you agree to when you get married.

FUNNY. And true. With tongue-in-cheek, before I stopped working, I would slip-in the following in the course of pre-marital interviews: "If you're independently wealthy, great. Otherwise, the two of you need to realize that financial insecurity will be your way of life." Why do spenders and savers attract each other? Drives us savers crazy nuts.

“Messaging is important in the financial services industry because in many ways we’re all selling trust. Creating trust can be difficult when there is competition for your services and an audience that may be unfamiliar with your work.”
Umm ... And I thought they were selling performance. What a silly notion.
Somewhat agree with @JoJo26 that the article’s not particularly well written. On the other hand, I’m not finding any really glaring issues with grammar. This is very basic (and cursory at that) Investing 101. For most here, thinking about these things is second nature. No new revelations. As for the “trust” issue, while I may disagree with the notion that that’s what’s chiefly being sold by the financial industry, I’m reminded of a great line in Miller’s Death of a Salesman:
(Charlie in eulogy to Willy) “ Nobody dast blame this man. You don’t understand: Willy was a salesman. And for a salesman, there’s no rock bottom to the life. He don’t put a bolt to a nut, he don’t tell you the law or give you medicine. He’s a man way out their in the blue riding on a smile and a shoeshine. And when they start not smiling back—that’s an earthquake.”

I disagree vehimently with the thesis here. Perhaps it’s because I remember back a decade ago when the prevailing question on financial discussion boards wasn’t “Why do people hold so much cash?” but rather “Are money market funds safe enough to invest in?” I’m afraid current investment climate affects our perceptions of what’s safe / appropriate for different individuals and what is not.
Here’s an interesting line: “If a client has US$100 million, why would they need US$15 million or US$20 million in cash?” Bailin asks. “They should have it fully invested ....
I’d turn that question around and ask: “If an investor has $100 million, why would he/she expose that nice fortune to any market risk at all?”

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1.85%, is that really the best one can do on a Savings/MM account? Missing from the list is Salem Five Direct, which yields 2.05%. The site also omits a couple of well known banks, Ally and Syncrony, that offer the same 1.75% as the second best yielding bank of those that are listed.
Nor does it show the superior savings account rate of 1.90% of a bank that even advertises on the site: PurePoint Financial. Maybe PurePoint only paid to be listed with CD rates. Or maybe the banks shown on the savings account page paid to keep the higher rate off.
(It's not PurePoint's $10K min that's the problem, because the savings account page lists Capital One, that also has a $10K min. Nor it is that PurePoint is not included in BankRate.com's site, which is the source of the data.)
It doesn't even get the comparisons with TBTF banks correct. It shows them all yielding 0.01%. BankRate reports Citibank at 0.04% and BofA 0.03%.

Thank you John. However, you failed to cite the best part:
Mannarino expects war to come into play. Mannarino predicts, “This is going to lead to another world war. . . . I have said this many times, and that is this has the potential to be Biblical. It will be a worldwide event or a correction to fair value is really what it is. We might be seeing the opening salvos already. Governments around the world are building up their militaries just like the U.S. . . . We are unfortunately going to clear this out and lose a large percent of the world population through this financial correction and war. We will rebuild, but the world will not be what we are seeing now.”
@JohnN - . What is your opinion on this? Have you sold off your stock holdings in anticipation of a market crash or world war?
@Mark - Radiation gear

FYI: Puritz and a business partner are putting their financial IQs to work advising middle-income savers how not to blow their nest eggs. They are doing it through a firm called Rebalance-IRA that is disrupting the staid world of boutique investing and stock picking by putting (almost) everything in the cloud.
Its conceit is long-term, low-cost indexing, mostly through Vanguard Group’s exchange traded funds (ETF). (I have been a client of Vanguard for decades but do not own an ETF. I have index and managed funds.)
Regards,
Ted
https://www.washingtonpost.com/business/economy/what-to-do-with-your-nest-egg-heres-advice-from-two-rich-guys/2018/07/06/734cd87e-7e26-11e8-bb6b-c1cb691f1402_story.html?utm_term=.b12a495e8ed6
Rebalance IRA Websitde:
https://www.rebalance-ira.com/

A quick search turned up this Financial Adviser Mag article from 2014. It cites a Vanguard figure saying that 20% of RMDs were reinvested there.
Of course that's only Vanguard investors, and may only count the RMD money that they reinvested at Vanguard, as opposed to moving it to an outside taxable account. Still, good for a ballpark sense.
https://www.fa-mag.com/news/what-if-your-client-doesn-t-need-the-rmd-19538.html

Capital Appreciation is Closed. Income is open. Capital Appreciation And Income is necessary why?
This is why I hate(d) Royce. They allege(d) to be on the side of the shareholder and closed funds only to open near clones, some of them of course where ground to the dust in the wake of the financial crisis.
I really think TRP has enough funds. I can understand if they want to start TRP Energy Fund or TRP Materials Fund since they also have some other sector funds. But THIS?!

2 funds in above list weren't around at the time of the financial crisis. As per MFO, these are there DD numbers
ETIHX -37.7%
DMCRX -28.9%
DD's for the rest...
AOFIX -49.9%
LAGWX -54.5%
WAMCX -62.6%
MPEGX - 63.2%
PHSKX -77.8%
PTSGX -49.5%
PXSGX -46.5%
BIOPX -48.8%
Recently, Dr Snowball in his running commentary hinted about the amount of information overload we get on daily basis. I'm adding to that overload. Hopefully, I'm actually improving it.
The point of the article beats me. If I want fireworks knowing I can lose 77.8% of my principal, might as well buy Bitcoin at these levels.
SPAM is SPAM. Doesn't matter if it's on MFO. I do not need to have EVERY single link on the internet posted on MFO. Every google search from my finger tips is going to end up on MFO.
NOT!!!

Isn't being rich a moving relative target? So if most Americans had $2.4 million in personal net worth, wouldn't that amount cease to be the one necessary to be rich? Then being rich would be $62 million. The article also of course--like most financial propaganda pieces--doesn't mention that wages for the poor and shrinking middle class have stagnated when adjusted for inflation for over 35 years, especially for the poor who have seen wages decline when adjusted for inflation. Invariably these pieces blame people for spending too much on avocado toast, lattes and cell phones when the situation is far more complex and also inequitable than that.

Another Samuelson quote:

What then is it that, since 2007, has caused Wall Street capitalism's own suicide?At the bottom of this worst financial mess in a century is this: Milton Friedman-Friedrich Hayek libertarian laissez-faire capitalism, permitted to run wild without regulation. This is the root source of today's travails. Both of these men are dead, but their poisoned legacies live on.