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 fourth 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 Tuesday, February 15 ^th , 2011 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, and Highland Credit Strategies Fund (NYSE: HCF).

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.

This press release may contain forward-looking statements describing future plans and objectives. These forward-looking statements, as well as future oral and written statements by the management of Highland Funds, are subject to various risks and uncertainties, which could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, the future operating results of our portfolio companies, changes in regional, national, or international economic conditions and their impact on the industries in which we invest, or changes in the conditions of the industries in which we invest, and other factors enumerated in our filings with the Securities and Exchange Commission (“SEC”).