DALLAS, April 27, 2011 /PRNewswire/ -- Highland Funds ("Highland") today announced that the Highland Long/Short Equity Fund (HEOCX) was named winner of the 2011 Best Stock Mutual Fund, Long/Short category, in TheStreet's first annual Best Mutual Funds and ETFs Awards. The Highland Long/Short Equity Fund is managed by Jonathan Lamensdorf and James Dondero, both of Highland Capital Management, L.P.

The award-winning TheStreet Ratings independent research business used a proprietary model to identify the winning and runner-up investment funds based on their performance, fees and relative risk during a performance period ending December 31, 2010. The complete list of TheStreet's Best Mutual Funds and ETFs annual award winners for 2011 appear online at www.thestreet.com/topfunds.

"We are honored that the Highland Long/Short Equity Fund received this award," said Joe Dougherty, President and CEO of Highland Funds. "It is deserved recognition for the fund, which follows a directional long/short investment strategy that seeks consistent total returns for investors with less volatility and lower correlation to the equity markets."

"Congratulations to all of the recipients of TheStreet's first annual mutual fund and ETF awards. There is an incredible amount of competition in the market and it is truly an accomplishment for your funds to be recognized as the best of the best," commented Daryl Otte, CEO of TheStreet. Information on eligibility and ratings methodology can be found at www.thestreet.com/topfunds.

About Highland Funds and Highland Capital Management, L.P.

Based in Dallas, Texas, Highland Funds is known as one of the premier providers of unique fund strategies distributed through financial intermediaries. The Highland Funds complex 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, with a total of over $3.3 billion in retail assets under management. Highland Funds is managed by Highland Capital Management, L.P., a global alternative investment manager with approximately $22 billion of assets under management.

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.

TheStreet Ratings

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About TheStreet

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SOURCE Highland Funds Asset Management, L.P.