Tax Exempt Fund

jhakopian-thumbJOHN HAKOPIAN
President,
First Foundation Advisors

Bio »

MICHAEL_J_CAUFIELD
JOHN HAKOPIAN
President, First Foundation Advisors

Mr. Hakopian oversees the vision, strategy, operations and development of the investment management service for the firm. His entrepreneurial spirit combined with his focus on results, exceptional interpersonal skills, and ability to emphasize people’s core needs continue to drive First Foundation’s management success as the regions’ leading independent wealth advisory firm. Having been with First Foundation since its inception in 1990, Mr. Hakopian has been closely involved in developing and delivering the firm’s investment services. He became President in 2009. Mr. Hakopian earned a Bachelor of Arts degree cum laude in economics in three years from the University of California, Irvine and an MBA in Finance from the University of Southern California.

susan.k.riechel-thumbSUSAN K. RIECHEL
Managing Director,
First Foundation Advisors

Bio »

SUSAN K. RIECHEL
SUSAN K. RIECHEL
Managing Director, First Foundation Advisors

Ms. Riechel is responsible for directing the firm’s actively managed fixed income strategy for high-net-worth individuals, foundations, endowments and retirement funds. In her role as managing director, she oversees the firm’s taxable and non-taxable fixed income investments. Ms. Riechel has over thirty years of experience in investment management and banking. Prior to joining First Foundation, she was Managing Director – Fixed Income at Covington Capital Management in Los Angeles. Formerly Ms. Riechel was also Managing Director at Columbia Management, a successor firm to U.S. Trust Company where she was Managing Director, Head of Fixed Income serving offices on the west coast. Ms. Riechel started her investment management career at First Interstate Bank where she was Director of Institutional Asset Management – Fixed Income. She began her banking career at Lloyds Bank PLC, New York and was formerly the head of global funding at Security Pacific Bank. Ms. Riechel graduated with a Bachelor of Arts degree in History from University of New Hampshire, Durham. She holds an MBA with a concentration in Finance and Banking from the Lubin School of Business at Pace University

FACTS

Fund Overview

Investment Objective

The Tax Exempt Fund seeks to provide as high a level of income exempt from federal income taxation as is consistent with preservation of capital.

Access to Institutionally Managed Tax-Exempt Platform
  • A disciplined investment process emphasizing fundamental, bottom-up research with the objective of seeking above-average tax-exempt income while aiming to provide a consistent trend of competitive long-term returns
  • Balance between income and total return performance
  • Market sensitive research
  • Team based portfolio management
  • Long-term investment horizon
Fund NAV (As of Jul 25, 2017)
SYMBOLNAV
HTXAX (Class A)$11.63
HTXCX (Class C)$11.62
HTXYX (Class Y)$12.62
Fund AUM (As of Jul 25, 2017)
AUM
Total Net Assets$13.64 M
VIEW FULL PERFORMANCE
Class AClass CClass Y
SymbolHTXAXHTXCXHTXYX
Inception09/08/9309/30/9909/26/97
Gross Expense Ratio1.13%1.88%0.88%
Net Expense Ratio10.93%1.68%0.68%

PERFORMANCE

Historical Returns & NAV

As of 07/25/2017Class AClass CClass Y
Net Asset Value (NAV)$11.63$11.62$12.62
Daily NAV Change ($)$-0.01$-0.01$-0.01
Daily NAV Change (%)-0.09%-0.09%-0.08%
As of 06/30/2017 MonthlyQuarterlyClass AClass A (w/sales charge)Class CClass C (w/sales charge)Class Y
Year To Date2.94%-1.39%2.56%1.56%3.01%
One Year-0.75%-4.98%-1.49%-2.47%-0.45%
Three Year2.23%0.77%1.48%1.48%2.48%
Five Year2.15%1.26%1.38%1.38%2.40%
Ten Year3.50%3.05%2.71%2.71%3.75%
Since Inception4.00%3.81%3.10%3.10%4.22%

LITERATURE



View all Literature & Forms

The performance data quoted here represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

Please consider the investment objectives, risks, charges and expenses of Highland Funds carefully before investing. A prospectus with this and other information about Highland's mutual funds can be found on the Literature tab above. You may also obtain a prospectus for our mutual funds by calling 877-665-1287. Please read the prospectus carefully before investing.

1. The Advisor has contractually agreed to limit the total annual operating expenses of the Fund to 0.65% of average daily net assets of the Fund. The expense cap will continue through at least January 31, 2018.

*The maximum sales charge for Class A shares is 4.25%.

Municipal Obligations Risk. The risk of investing in municipal securities, and includes interest rate risk and the credit risk of the issuers of municipal securities. The municipal securities market is volatile and may be significantly affected by adverse tax, legislative or political changes. To the extent that the Fund remains relatively small, it may have fewer favorable investment opportunities.

AMT Risk.  The Fund’s income may be subject to certain state and local taxes and depending on an investor’s status, to the federal alternative minimum tax (AMT).

Securities Market Risk. The value of the securities may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities market generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously, although equity securities generally have greater price volatility than fixed income securities.

Interest Rate Risk. The risk that fixed income securities will decline in value because of changes in interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or repurchase agreement, is unable or unwilling (or is perceived to be unable or unwilling) to make a timely payment of principal and/or interest, or to otherwise honor its obligations.

Derivatives Risk. The risk that an investment in derivatives may not correlate completely to the performance of underlying securities and may be volatile, and may result in a loss greater than the principal amount invested. Equity derivatives may also be subject to liquidity risk as well as the risk the derivative may be different than what would be produced through the use of another methodology or if it had been priced using market quotations.

Glossary: Click for important terms and definitions

Source: State Street Bank and Trust Company

Highland Funds’ mutual funds are distributed by Highland Capital Funds Distributor