HIGHLAND FUNDS LAUNCHES GLOBAL LONG/SHORT TREND FOLLOWING FUND
Anchor Capital Management Group Will Serve as Sub-Advisor
Dallas, TX – October 31, 2011 – Highland Funds Asset Management, L.P. (“Highland Funds”) today announced the launch of the Highland Alpha Trend Strategies Fund (ticker:HATAX). Anchor Capital Management Group, Inc. (Anchor Capital) will serve as the fund’s sub-advisor.

The Highland Alpha Trend Strategies Fund is a long/short international strategy designed for more consistently positive returns along with low correlation and low volatility relative to regular equity indexes. It is expected to be classified in the Morningstar® Multialternative category.

The fund’s strategy will be comprised of two components: rotating investment positions primarily among country- and region-specific exchange-traded funds (ETFs), and taking long and short positions in broad equity indexes to vary the fund’s net exposure over time.

“In a volatile global market, the addition of Anchor Capital’s strategy provides investors with a new international option,” said Joe Dougherty, President of Highland Funds. “We look forward to bringing Anchor Capital’s global long/short expertise to work for the benefit of our investors.”

Anchor Capital operates two distinct strategies on behalf of financial professionals, institutions and high-net-worth families. The firm’s investment professionals are technical analysts, and the Highland Alpha Trend Strategies Fund will make use of Anchor Capital’s proprietary quantitative methodology to assemble its investment portfolio.

“Global equity markets have become more correlated, increasing the need for a multi-strategy, long/short approach to international investing,” said Eric Leake, Anchor Capital Chief Investment Officer and Co-Portfolio Manager of the Highland Alpha Trend Strategies Fund. “With our focus on exploiting a variety of short-, intermediate- and long-term trends, we believe this is an ideal environment for a global long/short equity strategy.”

“Navigating global markets is extremely challenging right now, and this strategy will allow investors an opportunity to exploit both the positive and negative sentiment inherent in today’s markets,” said Garrett Waters, Anchor Capital Partner and Co-Portfolio Manager of the Highland Alpha Trend Strategies Fund. “The strategy is dynamic and nimble, designed to adjust to the macro environment and market momentum.”

About Anchor Capital Management Group, Inc.
Launched in 1994, Anchor Capital Management is an employee-owned Registered Investment Advisor based in Irvine, California, with more than $305 million under management. The firm specializes in Alternative Fixed Income and Global Long/Short Equity strategies, and offers hedge funds, funds and privately managed accounts nationwide for clients that include funds of funds, foundations and endowments, pension funds, investment advisors and private investors.

About Highland Funds and Highland Capital Management, L.P.
Based in Dallas, Texas, Highland Funds is known as one of the premier providers of diverse and alternative fund strategies distributed through financial intermediaries. The Highland Funds complex consists of a number of distinct registered investment companies falling into two types: open-end "mutual" funds and traditional closed-end funds, with a total of $3 billion in retail assets under management. Highland Funds is an affiliate of Highland Capital Management, L.P., and a global alternative investment manager with approximately $24 billion of assets under management.


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