HMEAX Fees and Costs — NexPoint Merger Arbitrage Fund, Class A
Data updated: 2026-09-14
The net expense ratio is 2.25% (2.45% 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 2026 the fund paid $2.3M in broker commissions, 0.1819% of average net assets, and portfolio turnover was 406%.
HMEAX Fees and Expenses
Annual operating expenses and sales charges of HMEAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.35% |
| Other expenses | 1.05% |
| Gross expense ratio | 2.45% |
| Fee waiver | −0.20% |
| Net expense ratio | 2.25% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 1.00% |
| 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 |
HMEAX Costs Over Time
On $10,000 invested in HMEAX, assuming 5% a year before costs, total costs come to $2,099 over 5 years, cutting the return by 3.71% 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 | $647 | $550 | $550 |
| Fund expenses (net expense ratio 2.25%) | $223 | $686 | $1,172 |
| Trading costs (broker commissions) | $18 | $55 | $95 |
| Lost growth on money paid in costs | $27 | $124 | $282 |
| Total costs | $916 | $1,416 | $2,099 |
| Value after costs | $9,584 | $10,161 | $10,664 |
| Impact on return, per year | 9.16% | 4.47% | 3.71% |
HMEAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1819%
- Total broker commissions: $2.3M
- Bought from dealers (principal trades, not a cost): $337.4M
- Portfolio turnover (prospectus): 406%
- Securities on loan, average value: $7.0M
- Net income from securities lending: $14K (0.001% of average net assets)
HMEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $320K | 16.41% |
| BTIG | $292K | 14.96% |
| J P MORGAN CHASE BANK | $241K | 12.37% |
| SG COWEN | $236K | 12.08% |
| BAML | $229K | 11.76% |
| BERNSTEIN - PROGRAM TRADE | $212K | 10.85% |
| BARCLAY BANK PLC | $132K | 6.79% |
| UNITED FIRST PARTNERS | $117K | 5.99% |
| JEFFERIES LLC | $101K | 5.20% |
| INSTINET | $70K | 3.60% |
HMEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $174.0M | 51.85% |
| J P MORGAN CHASE BANK | $37.5M | 11.17% |
| BTIG | $31.6M | 9.41% |
| BARCLAY BANK PLC | $28.6M | 8.53% |
| STIFEL NICOLAUS & CO., INC. | $24.7M | 7.36% |
| NEXT FINANCIAL GROUP INC. | $16.6M | 4.94% |
| WELLS FARGO | $13.7M | 4.08% |
| MORGAN STANLEY & CO, INC | $4.4M | 1.32% |
| OPPENHEIMER & ASSOCIATES | $2.6M | 0.77% |
| BAIRD, ROBERT W., & CO., INCORPORATED | $1.9M | 0.58% |
NexPoint Merger Arbitrage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HMEZX | Class Z | 1.90% | none |
| HMEAX | Class A | 2.25% | 5.50% |
| HMECX | Class C | 2.90% | none |
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.