INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Highland Funds I

In planning and performing our audit of the
financial statements of Highland Funds I comprising
Highland Healthcare Opportunities Fund and NexPoint
Merger Arbitrage Fund (the Funds) as of and for the
year ended June 30, 2021, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we
considered the Funds internal control over
financial reporting, including controls over
safeguarding securities, as a basis for designing
our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N?CEN,
but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control
over financial reporting. Accordingly, we express
no such opinion.

The management of the Funds is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls. A funds
internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting
and the preparation of financial statements for
external purposes in accordance with generally
accepted accounting principles (GAAP). A funds
internal control over financial reporting includes
those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets of the
fund; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance
with GAAP, and that receipts and expenditures of
the fund are being made only in accordance with
authorizations of management and trustees of the
fund; and (3) provide reasonable assurance
regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a
funds assets that could have a material effect on
the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or
detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in
the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material misstatement
of the Funds annual or interim financial statements
will not be prevented or detected on a timely
basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the PCAOB. However, we
noted no deficiencies in the Funds internal control
over financial reporting and its operation,
including controls over safeguarding securities,
that we consider to be a material weakness as
defined above as of June 30, 2021.


This report is intended solely for the information
and use of management and the Board of Trustees of
the Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by
anyone other than these specified parties.

COHEN & COMPANY, LTD.
Cleveland, Ohio
August 30, 2021

INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Highland Funds I

In planning and performing our audit of the
financial statements of the Highland/iBoxx Senior
Loan ETF (the Fund) as of and for the year ended
June 30, 2021, in accordance with the standards of
the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds
internal control over financial reporting,
including controls over safeguarding securities, as
a basis for designing our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N?CEN, but not for the purpose
of expressing an opinion on the effectiveness of
the Funds internal control over financial
reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls. A funds
internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting
and the preparation of financial statements for
external purposes in accordance with generally
accepted accounting principles (GAAP). A funds
internal control over financial reporting includes
those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets of the
fund; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance
with GAAP, and that receipts and expenditures of
the fund are being made only in accordance with
authorizations of management and trustees of the
fund; and (3) provide reasonable assurance
regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a
funds assets that could have a material effect on
the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or
detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in
the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material misstatement
of the Funds annual or interim financial statements
will not be prevented or detected on a timely
basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the PCAOB. However, we
noted no deficiencies in the Funds internal control
over financial reporting and its operation,
including controls over safeguarding securities,
that we consider to be a material weakness as
defined above as of June 30, 2021.

This report is intended solely for the information
and use of management and the Board of Trustees of
the Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by
anyone other than these specified parties.


COHEN & COMPANY, LTD.
Cleveland, Ohio
August 30, 2021