Awards Disclosures

2015 CreditFlux Best CLO fund

In addition to awards for the best individual CLOs in different categories, there are awards for the best managers overall. These awards are based on each manager’s performance across all of their CLOs. The Creditflux Manager Awards are given according to rigorous, quantifiable and relevant measures of performance. The credit hedge fund awards are based on a methodology that rewards performance weighted by volatility relative to a fund’s redemption profile. Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance. CLO performance is measured in terms of liquidation IRR: the total return equity investors would have received if their CLO had been liquidated on December 31, 2006. This takes account of equity distributions and the net asset value of the portfolio, and rewards managers that have delivered the best returns to equity while giving a cushion to debt investors. Data for the awards calculations is submitted by managers and supported by figures from CLO-i. Finalists for the 2007 Creditflux Manager of the Year award were BlackRock, Highland Capital Management and Prudential M&G.  Highland Capital Management won the award.

2014 Morningstar Awards Five-Star Rating for Global Allocation

As of December 31, 2014, the Highland Global Allocation Fund Class Y shares Morningstar rating for the overall period was 5 stars among 432 funds in the Morningstar World Allocation Category. The ratings are based on a Morningstar Risk-Adjusted Return measure. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) Morningstar Rating metrics. Past performance is not indicative of future results.

2013 & 2014 Morningstar #1 Ranked Healthcare Long/Short Equity Fund

Source: Morningstar.  As of December 31, 2014, Morningstar ranked the Fund’s Class Z shares in the 1st percentile based on Total Return for the one year period among 326 funds in the Morningstar Long/Short Equity category.  As of December 31, 2013, Morningstar ranked the Fund’s Class Z shares in the 1st percentile based on Total Return for the one year period among 241 funds in the Morningstar Long/Short Equity category. The Morningstar Ranking compares a Fund’s Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.  Past performance does not guarantee future results.

2014 Highland Floating Rate Opportunities Fund Receives Lipper Award

The Highland Floating Rate Opportunities Fund (Class Z) was awarded the 2015 Lipper Fund Award in the Loan Participation Fund category for both the 3 year and 5 year periods ending 12/31/2014. The award is based on consistent return. The highest Lipper leader for consistent return value for the classification for the 36 and 60 month periods, respectively, determined the winner. Lipper Leader ratings for Consistent Return reflect funds’ historic returns, adjusted for volatility, relative to peers. Ratings for Consistent Return are computed for all

Lipper classifications with five or more distinct portfolios and span both equity and fixed-income funds. 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.

2013 Wall Street Journal Category King for Global Allocation

*Source: WSJ.com for the Mixed-Asset Target Allocation Moderate category among 533 funds for the one year period as of 12/31/2013. The Wall Street Journal category king awards top-performing funds in each category ranked by year-to-date total returns (changes in net asset values and reinvested distributions).