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Heartland Funds has asked investors to close its Mid Cap Value Fund, making it the second of the deep value funds to close in the last year.
Shareholders will vote on whether to close the Mid Cap Value Fund on Nov. 30. Last November, the firm shut down its Heartland Contrarian Fund because of lagging performance and dwindling assets. The money left in the fund was rolled into the Heartland Value Fund, its flagship small-cap fund.
The Mid Cap Value Fund, which opened in October 1996, performed poorly over the last year. Its assets, which reached a peak of $47.7 million in July 1998, dwindled to $12.6 million by October of this year.
The Mid Cap Value …