Highland Floating Rate Opportunities Fund Wins 2015 Lipper Award

Chris Mawn Appointed to Co-Portfolio Manager of the Fund

DALLAS–(BUSINESS WIRE)–Highland Capital Management, L.P. (“Highland”), a Dallas-based investment management firm, which together with its affiliates has approximately $21 billion in assets under management, announced today that the Highland Floating Rate Opportunities Fund (“HFRZX”) received a 2015 Lipper Award, recognizing the fund as Best-in-Class in its respective Lipper category for both the three and five year categories.

“Establishing a long track record is paramount for any fund to succeed and we’re proud to be recognized for the added value we bring our investors.”

The Lipper Fund Awards Program honors 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 by 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.

“Receiving the Lipper Award for ‘Best Loan Participation Fund’ in both the Three and Five year categories highlights the level of commitment, discipline and focus that our team puts into managing the Fund,” said Mark Okada, Co-Founder and Chief Investment Officer of Highland Capital Management. “Establishing a long track record is paramount for any fund to succeed and we’re proud to be recognized for the added value we bring our investors.”

Additionally, Highland is also pleased to announce the promotion of Chris Mawn to Co-Portfolio Manager of the Highland Floating Rate Opportunities Fund alongside Mark Okada. Chris was previously Managing Director of Research at Highland where he was responsible for the retail credit mutual fund business. Prior to joining the company in 2003, Chris worked as a management consultant at Deloitte Consulting and A.T. Kearne, and served as an Officer in the United States Marine Corps.

“Chris has been instrumental in driving the fund’s successful long-term performance and I’m looking forward to what we can do as co-portfolio managers,” Okada said. “In his new role, Chris will be crucial to maintaining and delivering the high-quality results that Highlands’ investors have come to expect.”

The Highland Floating Rate Opportunities Fund seeks to invest primarily in Floating Rate Bank Loans and short-duration, floating-rate securities which can earn a spread over a prevailing interest rate target through collateralized bank debt. 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, 2015, Morningstar ranked the Highland Floating Rate Fund Class Z a top ranked 5-star fund for both the three and five year periods based on risk adjusted total return.

For Highland’s latest piece on Floating Rate Bank Loans, “Driving Alpha through a Differentiated Approach to Bank Loan Investing,” please visit our Market Commentary Page.

About Highland Capital Management

Highland Capital Management, L.P. is an SEC-registered investment adviser which, together with its affiliates, has approximately $21 billion of assets under management. Founded in 1993 by James Dondero and Mark Okada, Highland is one of the largest and most experienced global alternatives, credit and equity managers and has been instrumental in providing alternative investment solutions for over 20 years. Highland invests across a variety of asset classes and structures within the alternative landscape including hedge funds, separate accounts, distressed and special situations private equity, collateralized loan obligations (CLOs), mutual funds and ETFs. Highland’s diversified client base includes wealth managers, public pension plans, foundations, endowments, corporations, financial institutions, fund of funds, governments, and high net-worth individuals. Our firm is headquartered in Dallas, Texas and maintains offices in New York, São Paulo, Singapore, and Seoul.

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, 2015, 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.