--- title: "Cahaba Partners Total Return Fund Reports $78.6 Million Sold, Down $220 Million From Its Last Amendment, in a Form D History That Has Reset Before" url: https://altstreet.investments/news/cahaba-partners-total-return-fund-form-d-amendment-sold-decrease-2026-09-01 kind: news-article updated: 2026-09-17 description: "Cahaba Partners Total Return Fund's Form D/A reports $78.6M sold, down 74% from $299.3M; the filer's history shows two earlier resets to $0. Highland Associates is a Regions Bank subsidiary." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Cahaba Partners Total Return Fund Reports $78.6 Million Sold, Down $220 Million From Its Last Amendment, in a Form D History That Has Reset Before The Highland Associates-advised fund's September 1 amendment cuts its reported total sold from $299.3 million to $78.6 million with 15 investors and no explanation. The same filer reported zero sold in 2020 and 2021 before returning to $290 million-plus, so the figure has moved by hundreds of millions before. Published September 17, 2026. Entity: Cahaba Partners Total Return Fund LTD (CIK 1679150, https://altstreet.investments/edgar/1679150). Cahaba Partners Total Return Fund LTD, a private fund advised by Highland Associates, Inc. of Birmingham, Alabama, filed a Form D amendment on September 1, 2026 reporting $78,631,774 sold to 15 investors, down from the $299,316,417 it reported in April 2025 (accession 0001679150-26-000001). The decrease is $220.7 million, or 73.7 percent, across a 16.3-month gap between amendments, and the notice gives no reason. It is not the first large move in this filer's reported total. The fund's Form D history runs from $195.8 million in 2016 to a peak of $524.5 million in 2018, then to $0 in both the 2020 and 2021 amendments with 13 investors still listed, then $5.4 million with one investor in 2022, then back above $290 million in 2023, 2024 and 2025 before this year's $78.6 million. Whatever the September figure means, the field has been reset and restored before. ## What happened The amendment reports the offering as ongoing with an indefinite offering amount, claims Rule 506(b) and an Investment Company Act Section 3(c) exemption, and states $78,631,774 sold to 15 investors as of the filing date. The prior amendment, filed April 24, 2025, reported $299,316,417 to 15 investors, so the investor count is unchanged while the reported sales figure fell by nearly three-quarters. The Form D notice carries no field for explaining a change in a previously reported figure, and no explanatory letter accompanies this accession. A decrease in the cumulative total sold on an amendment is consistent with a correction of an earlier figure, with redemptions or a restructuring that the filer nets against prior sales, or with a change in what the filer counts; the notice does not distinguish among them. ## Background Highland Associates, Inc. has been SEC-registered as an investment adviser since 1987 (SEC file 801-30248). Its current Form ADV Part 1 gives a principal office at 2545 Highland Avenue South, Birmingham, reports $7,450,237,813 of regulatory assets under management on a discretionary basis across 29 accounts and $13,540,577,367 on a non-discretionary basis across 32 accounts, and lists Regions Bank on its ownership schedule; Regions announced its acquisition of Highland in 2019. Legal Entity Identifier records show the fund has carried three names: Highland Investment Fund, LLC - Highland Direct Hedged Equity Fund; then Cahaba Partners Investment Fund LLC - Cahaba Partners Total Return Fund; and currently Cahaba Partners Investment Fund LLC - Cahaba Partners Collective Total Return Fund LTD, with a legal address in Woburn, Massachusetts and a headquarters address in care of Highland Associates in Montgomery, Alabama. Highland's advisory brochure on the SEC's adviser database describes two fund structures it advises, a collective investment trust with Global Trust Company as trustee and the Cahaba Partners Investment Fund LLC, a Delaware series LLC of separate funds for which Global Trust Company serves as manager, and states that a decision was made to wind down the collective investment trust in 2024 while it distributes remaining assets to a sole remaining investor. AltStreet has not established whether the Form D filer is that trust; the word 'Collective' in its current name is suggestive, and the amendment's 15 investors argue against a vehicle with one remaining investor. ## AltStreet context AltStreet's monitoring flagged the amendment as a large single-filer decrease. Read against the filer's own ten-year history, the September figure is the fourth time the reported total has moved by more than $200 million between amendments: up in 2017, down to zero in 2020, back to $291.8 million in 2023, and down again now. Two earlier amendments reported $0 sold with 13 investors listed, which a cumulative-sales field cannot literally mean; the history reads as a filer whose reporting basis has changed more than once. No sibling vehicle in the Cahaba Partners series filed a matching change in the same window in AltStreet's signals, and no other Highland-advised filer moved the same way. Other Form D activity under the Cahaba Partners name (including an Equity Plus Fund series) exists on EDGAR and was not reviewed for this article. ## Analysis For an investor in the fund or an allocator to Highland, the Form D total is a self-reported, unaudited number that has now been restated by more than $200 million in four separate amendments, and the September figure should be reconciled against capital account statements rather than read as a $220 million outflow. The unchanged investor count between the 2025 and 2026 amendments, 15 in both, is the detail that most argues for a reporting change rather than a mass redemption, but the filing does not say. The wider point is one AltStreet's ledger shows across many long-running fund notices: a Form D's cumulative-sold field is maintained by the filer's counsel on an annual cycle and can be reset, netted or corrected without any narrative, so its year-to-year movements are evidence about the filer's reporting as much as about the fund. ## What this does not show The Form D amendment does not state why the reported amount sold fell, whether capital was returned to investors, or what the fund holds. AltStreet has not confirmed whether the filer is the collective investment trust that Highland's brochure describes as winding down, and has not reviewed the fund's other series or Highland's other vehicles. The Regions Bank ownership is taken from the Form ADV ownership schedule; the 2019 acquisition announcement was not independently reviewed for this article. Highland's assets figures are from its current Form ADV Part 1 as filed and are not dated more precisely here. ## Key facts - Form D/A filed September 1, 2026 (accession 0001679150-26-000001, CIK 0001679150): total amount sold $78,631,774, 15 investors, indefinite offering amount; the prior amendment of April 24, 2025 reported $299,316,417 (a 73.7 percent decrease over 16.3 months). - Full Form D history for the filer: $195.8 million (2016, 2 investors); $458.1 million (2017); $524.5 million (2018); $507.9 million (2019); $0 (2020 and 2021, 13 investors); $5.4 million (2022, 1 investor); $291.8 million (2023); $307.2 million (2024); $299.3 million (2025); $78.6 million (2026). - Exemptions claimed: Rule 506(b) and Investment Company Act Section 3(c) (code E9 on the notice); pooled investment fund. The notice contains no stated reason for the change. - Adviser: Highland Associates, Inc. (SEC 801-30248, Birmingham, Alabama), whose current Form ADV Part 1 reports $7,450,237,813 of discretionary and $13,540,577,367 of non-discretionary regulatory assets under management and lists Regions Bank on its ownership schedule. - LEI records list the fund's current legal name as Cahaba Partners Investment Fund LLC - Cahaba Partners Collective Total Return Fund LTD, with prior names Cahaba Partners Investment Fund LLC - Cahaba Partners Total Return Fund and Highland Investment Fund, LLC - Highland Direct Hedged Equity Fund. ## Sources - Cahaba Partners Total Return Fund LTD, Form D/A, accession 0001679150-26-000001 (2026-09-01): https://www.sec.gov/Archives/edgar/data/1679150/000167915026000001/ - Cahaba Partners Total Return Fund LTD, Form D filing history (CIK 0001679150), 2016 to 2026: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679150&type=D&dateb=&owner=include&count=40 - Highland Associates, Inc., Form ADV (SEC 801-30248), Investment Adviser Public Disclosure: https://adviserinfo.sec.gov/firm/summary/104948 - Cahaba Partners Investment Fund LLC - Cahaba Partners Collective Total Return Fund LTD, LEI record: https://lei.bloomberg.com/leis/view/549300W6GTM1YCZ1PU70 ## SEC accession numbers - 0001679150-26-000001 --- Source page: https://altstreet.investments/news/cahaba-partners-total-return-fund-form-d-amendment-sold-decrease-2026-09-01 Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.