Mutual Fund Summary Prospectus (497k)
May 18 2020 - 4:24PM
Edgar (US Regulatory)
HIGHLAND FUNDS I
Highland Long/Short Equity Fund
Highland Healthcare Opportunities Fund
Highland Opportunistic Credit Fund
(each, a Fund and collectively, the Funds)
Supplement dated May 18, 2020 to each Funds Summary Prospectus and Statutory Prospectus, dated October 31, 2019, as supplemented from
time to time (together, the Prospectuses).
This supplement provides new and additional information beyond that
contained in the Prospectuses and should be read in conjunction with the Prospectuses.
The Funds
after-tax returns have been revised. Accordingly, the Prospectuses are hereby amended and supplemented as follows:
1. In the Performance section of the Highland Long/Short Equity Funds
Summary Prospectus, and the corresponding section of the Statutory Prospectus, the Average Annual Total Returns table is hereby deleted and replaced with the following:
Average Annual Total Returns
(For the periods ended December 31, 2018)
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1 Year
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5 Years
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10 Years
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Class A (inception 12/5/06)
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Return Before Taxes
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-14.80
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%
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-0.99
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%
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3.71
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%
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Return After Taxes on Distributions
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-17.80
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%
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-2.51
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%
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2.44
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%
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Return After Taxes on Distributions and Sale of Fund Shares
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-8.51
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%
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-1.31
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%
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2.47
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%
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Return Before Taxes
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Class C (inception 12/5/06)
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-11.25
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%
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-0.50
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%
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3.69
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%
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Class Z (inception 12/5/06)
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-9.50
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%
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0.49
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%
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|
4.64
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%
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Standard & Poors 500 Index (reflects no deduction for fees, expenses or taxes) (inception 12/5/06)
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-4.37
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%
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8.48
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%
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13.10
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%
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2. In the Performance section of
the Highland Healthcare Opportunities Funds Summary Prospectus, and the corresponding section of the Statutory Prospectus, the Average Annual Total Returns table is hereby deleted and replaced with the following:
Average Annual Total Returns
(For the periods ended December 31, 2018)
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1 Year
|
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5 Years
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|
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10 Years
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Class A (inception 5/5/08)
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Return Before Taxes
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6.21
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%
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1.25
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%
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|
4.91
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%
|
Return After Taxes on Distributions
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6.17
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%
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0.44
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%
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3.26
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%
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Return After Taxes on Distributions and Sale of Fund Shares
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3.65
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%
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|
|
0.59
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%
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|
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2.92
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%
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Return Before Taxes
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|
|
|
|
|
|
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|
Class C (inception 5/5/08)
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10.53
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%
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|
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1.78
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%
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4.84
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%
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Class Z (inception 5/5/08)
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12.72
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%
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2.77
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%
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|
|
5.84
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%
|
Standard & Poors 500 Index (reflects no deduction for fees, expenses or taxes)
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-4.37
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%
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8.48
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%
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7.85
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%
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Standard & Poors Healthcare Index (reflects no deduction for fees, expenses or taxes)
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6.43
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%
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11.12
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%
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11.92
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%
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3. In the Performance section of the Highland
Opportunistic Credit Funds Summary Prospectus, and the corresponding section of the Statutory Prospectus, the Average Annual Total Returns table is hereby deleted and replaced with the following:
Average Annual Total Returns
(For the periods ended December 31, 2018)
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1 Year
|
|
|
5 Years
|
|
|
10 Years
|
|
Class Z (inception 5/18/05)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
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|
|
4.12
|
%
|
|
|
-0.28
|
%
|
|
|
11.18
|
%
|
Return After Taxes on Distributions
|
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1.60
|
%
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|
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-3.49
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%
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6.41
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%
|
Return After Taxes on Distributions and Sale of Fund Shares
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|
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1.76
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%
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-1.78
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%
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6.67
|
|
Return Before Taxes
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Class A (inception 5/18/05)
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.013
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%
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-1.27
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%
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10.43
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%
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Class C (inception 5/18/05)
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2.20
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%
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-1.13
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%
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10.24
|
%
|
Credit Suisse Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)
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1.14
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%
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|
3.32
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%
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|
8.29
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%
|
HFRX Fixed Income - Corporate Index (reflects no deduction for fees, expenses or taxes)
|
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-2.31
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%
|
|
|
2.97
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%
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|
6.52
|
%
|
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
PROSPECTUS FOR FUTURE REFERENCE.
HFI-PROS-SUPP2-0520
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