0000950123-11-093176 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 31st, 2011 • Highland Funds I • Delaware

AGREEMENT made as of May 6, 2010, by and between Highland Capital Management, L.P., a Delaware limited partnership (the “Adviser”), and Highland Funds I, a Delaware statutory trust (the “Trust”), on behalf of its series Highland Long/Short Healthcare Fund (formerly known as Highland Healthcare Fund) (the “Fund”).

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