Highland Total Return Fund

C000004403 Fund Overview

Highland Total Return Fund is a US mutual fund managed by Nexpoint Funds II, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Nexpoint Funds II
• Category: Money Market
• Assets under management: $72.17M
• 1-year return: 9.7%
• SEC CIK: 0000891079
• SEC series ID: S000001624
• Share class ID: C000004403

C000004403 Investment Objective and Strategy

Highland Total Return Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nexpoint Funds II.

Investment objective

The investment objective of Highland Total Return Fund (“Highland Total Return Fund” or the “Fund”) is to seek maximum total return (total return includes both income and capital appreciation).

Principal investment strategy

The Fund seeks to achieve its investment objective by investing primarily in a combination of U.S. and foreign (non-U.S.) equity and debt securities and cash. The Funds asset allocation process utilizes information from the Funds sub-adviser, First Foundation Advisors (FFA or the Sub-Adviser), to diversify holdings across these asset classes and to adjust the asset class weightings based on market and economic conditions. The Fund may also use various types of derivatives (such as options, futures and options on futures) to gain exposure to certain types of securities as an alternative to investing directly in such securities, to manage currency exposure and interest rate exposure (also known as duration), and to manage exposure to credit quality. The Fund may hedge a portion of its foreign currency risk but is not required to do so.

Highland Capital Management Fund Advisors, L.P. (HCMFA or the Adviser), the Funds investment adviser, has allocated all the assets of the Fund to be managed/advised by FFA. The Fund invests in equity securities, such as common and preferred stocks, principally for their capital appreciation potential and investment-grade debt securities principally for their income potential. The Fund invests in cash principally for the preservation of capital, income potential or maintenance of liquidity. Within each asset class, the portfolio managers primarily use active security selection to choose securities based on the perceived merits of individual issuers, although portfolio managers of different asset classes or strategies may place different emphasis on the various characteristics of a company (as identified below) during the selection process.

The portfolio managers seek to identify equity securities of companies with characteristics such as: strong earnings growth favorable valuation a presence in successful industries high quality management focused on generating shareholder value large or medium capitalization (meaning a market capitalization of $2 billion or more) The portfolio managers seek to identify debt securities with characteristics such as: attractive yields and prices the potential for capital appreciation reasonable credit quality (typically investment grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments) The portfolio managers may consider selling a security when one of these characteristics no longer applies, or when valuation becomes excessive and more attractive alternatives are identified.

The portion of the Fund invested in debt securities normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest. The Fund may also invest to a lesser extent in high yield securities (also known as junk securities), equity and debt securities of companies that are located in emerging market countries, and exchange-traded funds (ETFs) to gain exposure to securities including those of U.S. issuers that are principally engaged in or related to the real estate industry and to securities in emerging markets.

C000004403 Performance

Total returns for C000004403 (as of 2026-10-01), from SEC filings.

C000004403 Risk Information

Risk metrics for C000004403, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 24.2%

C000004403 Costs and Fees

C000004403 costs about $105 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.05%
• Gross expense ratio: 1.08%
• Portfolio turnover: 62%
• Brokerage commissions: 6.33 bps of average net assets (SEC N-CEN)

C000004403 Cashflows

Over the 12 months to 2020-12, Highland Total Return Fund had net inflows of $34.90M, from monthly SEC N-PORT filings.

C000004403 Debt Constituents

No individual debt constituents are reported in Highland Total Return Fund's latest SEC N-PORT filing.

C000004403 Prospectus and SEC Filings

Official Highland Total Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-21
• Prospectus (485BPOS) — filed 2019-01-31
• Prospectus (485BPOS) — filed 2018-02-22
• Portfolio holdings (N-PORT) — filed 2021-03-01
• Portfolio holdings (N-PORT) — filed 2020-11-30
• Portfolio holdings (N-PORT) — filed 2020-08-31
• Annual census (N-CEN) — filed 2020-12-14
• Annual census (N-CEN) — filed 2019-12-16

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.