Highland Funds Announces Posting of Webcast: Highland Credit Strategies Fund 2Q10 Update

Highland Capital Management, L.P. ("Highland”) is pleased to announce the availability of an informative webcast consisting of the Highland Credit Strategies Fund (NYSE: HCF) 2^nd Quarter 2010 update.

In this webcast Highland addresses second quarter performance and other information about the Highland Credit Strategies Fund.

The pre-recorded webcast is posted on the homepage of our website, www.highlandfunds.com.

Alternatively the webcast can be accessed through the below link:

Highland Credit Strategies Fund 2Q10 Update: https://www119.livemeeting.com/cc/vcmeeting/view?id=56RWWZ

In order to access the webcast, click the above link and enter your name (no "Recording Key” is needed). You can view either the high fidelity version or Microsoft Media Player enabled version by selecting the icon for the respective technology.

The 2^nd Quarter webcasts on the Highland Floating Rate Fund & Highland Floating Rate Advantage Fund, Highland All Cap Equity Value Fund, and Highland Long/Short Equity Fund are currently available on the homepage. To receive this 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. 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”).

We may use words such as "anticipates,” "believes,” "expects,” "intends,” "will,” "should,” "may,” "plans,” "could,” "estimates,” "potential,” "continue,” "target,” or the negative of these terms or other similar expressions to identify forward-looking statements. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

Investors should consider the investment objectives, risks, charges and expenses of the Highland Funds carefully before investing. Please call 1.877.665.1287 or visit www.highlandfunds.com for more information on the Funds. Please read the prospectus carefully before you invest.

Securities may be offered through NexBank Securities, Inc., an affiliate of Highland Capital Management, L.P. NexBank Securities, Inc. is a FINRA member firm.