About Highland Funds

Highland Funds is the retail arm of Highland Capital Management, L.P. an SEC-registered investment adviser which, together with its affiliates, has approximately $19.5 billion of assets under management. Founded in 1993 by James Dondero and Mark Okada, Highland is one of the largest and most experienced global alternative credit and equity managers and has been instrumental in providing alternative investment solutions for over 20 years. We invest 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 is committed to providing low cost alternative strategies through our platform which is designed to be agnostic in structure to best fit our client’s specific needs.

Highland has a diversified client base includes 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.

News & Views

Institutional Investor | The Federal Reserve’s Dual-Mandate Dilemma

By James Dondero and Mark Okada The shadow of the…

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As of April 30, 2014, the Highland Global Allocation Fund Class A, A-LW, C and Y shares absolute rankings were 2, 2, 5 and 1, respectively, based on Total Return for the 1-year period among 478 funds in the Morningstar World Allocation Category. The Class A, A-LW, C and Y shares absolute rankings for the 3-year period were 2, 2, 5 and 1, respectively, among 324 funds. The Class A, A-LW, C and Y shares absolute rankings for the 5-year period were 3, 3, 15 and 1, respectively, among 226 funds. The Class A, A-LW, C and Y shares absolute rankings for the 10-year period were 37, 37, 64 and 26, respectively, among 126 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.

As of April 30, 2014, the Highland Long/Short Healthcare Fund Class A, A-LW, C and Z absolute rankings were 2, 2, 4 and 1, respectively, based on Total Return for the 1-year period among 246 funds in the Morningstar Long/Short Equity Category. The Class A, A-LW, C and Z absolute rankings for the 3-year period were 16, 16, 27 and 7, respectively among 145 funds. The Class A, A-LW, C and Z absolute rankings for the 5-year period were 20, 20, 26 and 15, respectively among 73 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.

The Highland Floating Rate Opportunities Fund (Class Z) was awarded the 2014 Lipper Fund Award in the Loan Participation Fund category for the 3 year period ending 12/31/13. 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.