0001193125-16-588304 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 12th, 2016 • Highland Funds I • Delaware

AGREEMENT made as of [ ], 2016, by and between Highland Capital Management Fund Advisors, L.P., a Delaware limited partnership (the “Adviser”), and Highland Funds I, a Delaware statutory trust (the “Trust”), on behalf of its series, Highland Merger Arbitrage Fund (the “Fund”).

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LETTER AGREEMENT
Expense Limitation and Recoupment Agreement • May 12th, 2016 • Highland Funds I • Delaware
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