C000004400 Fees and Costs — Highland Total Return Fund, Class A
Data updated: 2021-03-01
The net expense ratio is 1.30% (1.33% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. In fiscal 2020 the fund paid $46K in broker commissions, 0.0633% of average net assets, and portfolio turnover was 62%.
C000004400 Fees and Expenses
Annual operating expenses and sales charges of C000004400. Prospectus, as of January 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.48% |
| Gross expense ratio | 1.33% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.30% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
C000004400 Costs Over Time
On $10,000 invested in C000004400, assuming 5% a year before costs, total costs come to $1,532 over 5 years, cutting the return by 2.65% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.30%) | $129 | $400 | $691 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $29 | $111 | $232 |
| Total costs | $739 | $1,106 | $1,532 |
| Value after costs | $9,761 | $10,470 | $11,231 |
| Impact on return, per year | 7.39% | 3.46% | 2.65% |
C000004400 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): 0.0633%
- Total broker commissions: $46K
- Bought from dealers (principal trades, not a cost): $27.4M
- Portfolio turnover (prospectus): 62%
- Securities on loan, average value: $3.0M
- Net income from securities lending: $4K (0.006% of average net assets)
C000004400 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $27K | 58.23% |
| RAYMOND JAMES & ASSOCIATES, INC. | $5K | 10.33% |
| DTC | $4K | 9.66% |
| STIFEL NICOLAUS & CO., INC. | $2K | 4.90% |
| PERSHING LLC | $2K | 4.80% |
| CANTOR FITZGERALD & CO. | $1K | 3.11% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $1K | 2.90% |
| NATIONAL FINANCIAL SERVICES CORPORATION | $1K | 2.52% |
| STATE STREET BANK | $986 | 2.16% |
| BAIRD, ROBERT W., & CO., INCORPORATED | $631 | 1.38% |
C000004400 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JP MORGAN | $24.3M | 88.56% |
| JEFFERIES LLC | $1.7M | 6.12% |
| RBC DAIN RAUSCHER INC. | $1.3M | 4.56% |
| DTC | $100K | 0.37% |
| NATIONAL FINANCIAL SERVICES CORPORATION | $99K | 0.36% |
| PERSHING LLC | $10K | 0.03% |
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.