Form 497 HIGHLAND FUND II


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HIGHLANDS FUND II

NexPoint Climate Technology Fund

(the bottom “)

Supplement dated 26 September 2022 to the Summary Prospectus, Prospectus and

Supplemental Information Statement (“SAI”), each dated September 14, 2022, as completed

from time to time

This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI. Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings given to them in the Summary Prospectus, the Prospectus and the SAI.

On September 15, 2022 (the “Effective Date”), the Board of Directors (the “Board”) of Highland Funds II (the “Trust”), approved:

a change of name of the Trust from “Highland Funds II” to “NexPoint Funds II”

In addition, effective September 23, 2022, the Fund’s investment advisor changed its name from “Highland Capital Management Fund Advisors, LP” to “NexPoint Asset Management, LP”.

Accordingly, as of the date of this supplement, the following disclosure changes will become effective:

(1)

All references to “Highland Funds II” and “HFII” in the Summary Prospectus, Prospectus and SAI will be replaced with “NexPoint Funds II” and “NFII”, respectively.

(2)

All references to “Highland Capital Management Fund Advisors, LP” and “HCMFA” in the Summary Prospectus, Prospectus and SAI will be replaced with “NexPoint Asset Management, LP” and “NexPoint”, respectively.

INVESTORS MUST KEEP THIS SUPPLEMENT WITH THE SUMMARY

PROSPECTUS, PROSPECTUS AND SAI FOR FUTURE REFERENCE.