C000033776 Fees and Costs — Highland Long/Short Equity Fund, Class A
Data updated: 2020-06-01
The net expense ratio is 3.12% (4.37% before fee waivers). This share class carries a maximum front-end sales load of 5.50% and a deferred sales charge of up to 1.00%. In fiscal 2019 the fund paid $1.3M in broker commissions, 0.5043% of average net assets, and portfolio turnover was 252%.
C000033776 Fees and Expenses
Annual operating expenses and sales charges of C000033776. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 2.25% |
| 12b-1 fee | 0.35% |
| Other expenses | 1.74% |
| Gross expense ratio | 4.37% |
| Fee waiver | −1.25% |
| Net expense ratio | 3.12% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 1.00% |
| 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 |
C000033776 Costs Over Time
On $10,000 invested in C000033776, assuming 5% a year before costs, total costs come to $2,735 over 5 years, cutting the return by 4.94% 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 | $646 | $550 | $550 |
| Fund expenses (net expense ratio 3.12%) | $310 | $940 | $1,585 |
| Trading costs (broker commissions) | $50 | $152 | $256 |
| Lost growth on money paid in costs | $28 | $142 | $343 |
| Total costs | $1,033 | $1,784 | $2,735 |
| Value after costs | $9,467 | $9,793 | $10,028 |
| Impact on return, per year | 10.33% | 5.70% | 4.94% |
C000033776 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)
C000033776 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.