C000004360 Fees and Costs — Highland Fixed Income Fund, Class A
Data updated: 2021-03-01
The net expense ratio is 0.95% (1.00% before fee waivers). This share class carries a maximum front-end sales load of 4.25%. In fiscal 2020 the fund paid $28K in broker commissions, 0.0145% of average net assets, and portfolio turnover was 53%.
C000004360 Fees and Expenses
Annual operating expenses and sales charges of C000004360. Prospectus, as of January 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.40% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 4.25% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000004360 Costs Over Time
On $10,000 invested in C000004360, assuming 5% a year before costs, total costs come to $1,120 over 5 years, cutting the return by 1.91% 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 |
| Sales charges | $425 | $425 | $425 |
| Fund expenses (net expense ratio 0.95%) | $96 | $298 | $517 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $21 | $82 | $170 |
| Total costs | $543 | $810 | $1,120 |
| Value after costs | $9,957 | $10,767 | $11,642 |
| Impact on return, per year | 5.43% | 2.51% | 1.91% |
C000004360 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0145%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $208.7M
- Portfolio turnover (prospectus): 53%
- Securities on loan, average value: $1.9M
- Net income from securities lending: $21K (0.011% of average net assets)
C000004360 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $18K | 64.31% |
| BAIRD, ROBERT W., & CO., INCORPORATED | $10K | 34.40% |
| DTC | $256 | 0.91% |
| STIFEL NICOLAUS & CO., INC. | $108 | 0.38% |
C000004360 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JP MORGAN | $52.2M | 26.79% |
| MORGAN STANLEY | $32.2M | 16.53% |
| RBC DAIN RAUSCHER INC. | $21.9M | 11.27% |
| FIRST TENNESSEE BANK, N.A.-BOND DIVISION | $17.6M | 9.06% |
| WACHOVIA SECURITIES, INC. | $14.7M | 7.56% |
| PERSHING LLC | $14.3M | 7.33% |
| JEFFERIES LLC | $12.9M | 6.62% |
| DTC | $11.8M | 6.07% |
| CANTOR FITZGERALD CO. | $10.4M | 5.35% |
| NATIONAL FINANCIAL SERVICES CORPORATION | $6.7M | 3.42% |
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.