Form 497 Highland Funds I


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HIGHLAND FUND I

NexPoint Merger Arbitrage Fund

(the bottom “)

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

Supplemental Information Statement (“SAI”), each dated October 31, 2021, 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 I (the “Trust”), approved:

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

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 I” and “HFI” in the Summary Prospectus, Prospectus and SAI will be replaced with “NexPoint Funds I” and “NFI”, 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.