Highland Floating Rate Opportunities Fund Wins 2014 Lipper Award

DALLAS--()--Highland Capital Management, L.P. (“Highland”), a Dallas-based investment management firm, which together with its affiliates has approximately $19 billion in assets under management, today announced that the Highland Floating Rate Opportunities Fund (HFRZX) received a 2014 Lipper Award, recognizing the fund as Best-in-Class in its respective Lipper category.

The Highland Floating Rate Opportunities Fund was named “Best Loan Participation Fund over Three Years." The Lipper Awards honor fund management firms and individual mutual funds that excel in delivering consistently strong, risk-adjusted performance relative to their peers. The annual awards recognize consistency of return over time, looking back over a variety of holding periods and taking into account both short- and long-term risk-adjusted performance relative to a fund's classification.

“Winning the Lipper Award is a true testament to the level of discipline and hard work our team puts into managing the Highland Floating Rate Opportunities Fund," Mark Okada, Co-Founder and Chief Investment Officer of Highland Capital Management, said. "This award reflects the results of our risk management process that has been developed and refined for many years and shows the commitment that our entire investment team has made in providing strong risk adjusted returns for our clients.”

The Highland Floating Rate Opportunities Fund aims to provide investors with alpha beyond the benchmark index by balancing assets across three investment areas. These areas encompass senior bank loans, CLOs and distressed or restructured debt. This differentiated management style helps reduce the fund’s correlation not only to the equity and fixed income markets but also to the broader bank loan category. As of February 28, 2014, Morningstar ranked the Fund Class Z as number one based on total return for the one and three year periods among 221 and 146 other Bank Loan Funds respectively.1,2

About Highland Capital Management, L.P.

Highland Capital Management is an SEC-registered investment adviser which, together with its affiliates, has approximately $19 billion of assets under management. Founded in 1993 by Jim Dondero and Mark Okada, Highland is one of the largest and most experienced global alternative credit managers. Highland’s strategies include collateralized loan obligations (CLOs), high yield bonds, distressed credit, public and private equities, structured products and natural resources.

About The Lipper Fund Awards

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts, and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit www.excellence.thomsonreuters.com.

1) As of February 28, 2014, the Highland Floating Rate Opportunities Fund Class A, A-LW, C and Z shares absolute rankings were 2, 2, 4 and 1, respectively, based on Total Return for the 1-year period among 221 funds in the Morningstar Bank Loan Category. The Class A, A-LW, C and Z shares absolute rankings for the 3-year period were 2, 2, 4 and 1, respectively, among 146 funds. The Class A, A-LW, C and Z shares absolute rankings for the 5-year period were 31, 31, 43 and 27, respectively, among 123 funds. The Class A, A-LW, C and Z shares absolute rankings for the 10-year period were 42, 42, 44 and 41, respectively, among 44 funds. The Morningstar Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where a ranking of 1 represents the top of the category while higher numbers represent a lower rank. Past performance does not guarantee future results.

2) Only eligible investors may purchase Class Z Shares. Please refer to the prospectus for information and conditions.

The performance data quoted here represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit our website at www.highlandfunds.com.

Contacts

Prosek Partners
Olivia Offner, 212-279-3115 ext 233
ooffner@prosek.com

http://www.lipperweb.com/Awards/FundAwards.aspx

http://www.lipperweb.com/Awards/FundAwards.aspx

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Contacts

Prosek Partners
Olivia Offner, 212-279-3115 ext 233
ooffner@prosek.com