KPMG LLP
Two Financial Center
60 South Street
Boston, MA 02111
March 12, 2020
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Highland Long/Short Equity Fund, Highland Long/Short Healthcare Fund, Highland Merger Arbitrage Fund, Highland Opportunistic Credit Fund and Highland/iBoxx Senior Loan ETF (the Funds), each a series of Highland Funds I (the Trust), and, under the dates of September 24, 2018 and August 29, 2017, we reported on the financial statements of the Funds as of and for the years ended June 30, 2018 and 2017, respectively. On September 28, 2018, we were dismissed.
We have read the statements made by the Trust included under Item 13(a)(4) of FormN-CSR dated March 1, 2019, and we agree with such statements, except that we are not in a position to agree or disagree with the Trust’s statements that (a) neither Management, the Trust, nor anyone on their behalf consulted with PricewaterhouseCoopers (PwC) on the items listed, and (b) subsequent to our dismissal, Management ultimately took the position that certain transactions involving ahard-to-value security were orderly and revised certainnon-observable inputs to the fair value model for that security.
Very truly yours,
KPMG LLP is a Delaware limited liability partnership and the U.S. member
firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity.