C000033657 Fees and Costs — Highland Long/Short Equity Fund, Class Z
Data updated: 2020-06-01
The net expense ratio is 2.77% (4.02% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $1.3M in broker commissions, 0.5043% of average net assets, and portfolio turnover was 252%.
C000033657 Fees and Expenses
Annual operating expenses and sales charges of C000033657. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 2.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.74% |
| Gross expense ratio | 4.02% |
| Fee waiver | −1.25% |
| Net expense ratio | 2.77% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
C000033657 Costs Over Time
On $10,000 invested in C000033657, assuming 5% a year before costs, total costs come to $1,957 over 5 years, cutting the return by 3.44% 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 |
| Fund expenses (net expense ratio 2.77%) | $291 | $886 | $1,500 |
| Trading costs (broker commissions) | $53 | $161 | $273 |
| Lost growth on money paid in costs | $0 | $53 | $183 |
| Total costs | $344 | $1,100 | $1,957 |
| Value after costs | $10,156 | $10,476 | $10,806 |
| Impact on return, per year | 3.44% | 3.44% | 3.44% |
C000033657 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.5043%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 252%
- Securities on loan, average value: —
- Net income from securities lending: $2K (0.001% of average net assets)
C000033657 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $285K | 30.19% |
| ITG | $265K | 28.14% |
| SOCIETE GENERALE COWEN SECURITIES CORP. | $80K | 8.50% |
| J.P. MORGAN SECURITIES | $66K | 7.04% |
| ROYAL BANK CANADA | $52K | 5.55% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $52K | 5.49% |
| SANDLER O'NEILL & PARTNERS, LP | $38K | 4.05% |
| KEEFE BRUYETTE AND WOODS INC. | $37K | 3.96% |
| Height Securities | $37K | 3.96% |
| Wolf Research Securities | $29K | 3.12% |
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.