Highland Funds Announces Quarterly Market & Fund Updates

Please join us for an informative webcast with Highland Funds. The Portfolio Managers of the Highland Family of Funds will discuss the second quarter of 2010, as well as provide their insight and thoughts on the market.

Consistent with previous updates, questions may be submitted via our website at https://www.hcmlp.com/Retail/Contact.aspx. The deadline for submitting questions is Friday, August 13 ^th , 2010 at 4:00 p.m. ET/3:00 p.m. CT. On the “Contact Us” page, please select the fund your question is in relation to, select “Quarterly Webcast Question” as your topic, type your question in the text box provided, and select “Submit.”

We will be posting the pre-recorded webcasts on our website, www.highlandfunds.com. There will be several webcasts consisting of separate fund specific updates for Highland Floating Rate Fund & Highland Floating Rate Advantage Fund, Highland Long/Short Equity Fund, Highland All Cap Equity Value Fund, Highland Long/Short Healthcare Fund and Highland Credit Strategies Fund (NYSE: HCF).

The webcasts are scheduled to be released once the Fund’s annual reports have been filed. Notices will be sent via the website once each webcast has been posted, with specific instructions on where they are located. To receive these and future notifications, please select email subscription along the navigation bar at www.highlandfunds.com, fill out the required fields, and select “Save.”

For more information please call 877.665.1287.

About Highland Funds

Highland Funds is managed by Highland Capital Management, L.P. (“Highland”). Based in Dallas, Texas, with offices in New York, Singapore, and an affiliate in London, Highland is an investment adviser registered with the SEC, specializing in credit and alternative investment strategies.

Highland Funds consists of a number of distinct registered investment companies falling into three types: open-end “mutual” funds; closed-end “interval” funds; and traditional closed-end funds.