DALLAS, June 15, 2012 /PRNewswire/ -- Pyxis Credit Strategies Fund (the "Fund") (NYSE: [ HCF ]) announced that effective June 14, 2012, NexPoint Advisors, L.P. ("NexPoint") will become the investment adviser and administrator to the Fund. NexPoint is an affiliate of Pyxis Capital, L.P. ("Pyxis"), the Fund's current investment adviser and administrator. In connection with this change, the Fund will be renamed "NexPoint Credit Strategies Fund." As part of an internal reorganization, NexPoint assumes investment management and administration responsibility for the Fund. NexPoint will assume all duties, rights and obligations of Pyxis under the Fund's investment advisory agreement, pursuant to a novation agreement among the Fund, Pyxis and NexPoint, which was approved by the Fund's Board of Trustees (the "Board"). NexPoint, with approval of the Board, will also enter into a new administrative services agreement with the Fund with substantially identical terms to the current agreement between the Fund and Pyxis. NexPoint has substantially the same ownership as Pyxis. This change will not result in any changes to the identity of the Fund's portfolio managers, the advisory or administrative services fees paid by the Fund or the services to be provided to the Fund.

About Pyxis Credit Strategies Fund

The Fund is a non-diversified, closed-end management investment company. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund seeks to primarily invest in secured and unsecured floating and fixed rate loans, bonds and other debt obligations, debt obligations of stressed, distressed and bankrupt issuers, structured products and equities. Within the categories of obligations and securities in which the Fund invests, the investment adviser employs various trading strategies, including capital structure arbitrage, pair trades and shorting. Pyxis Capital, L.P. (formerly, Highland Funds Asset Management, L.P.) has served as the Fund's investment adviser since December 15th, 2011 and is an affiliate of Highland Capital Management, L.P., the Fund's investment adviser from inception in 2006 to December 14th, 2011. The Fund's shares are listed on the NYSE under the symbol "HCF". An investment in the Fund is not appropriate for all investors. No assurance can be given that the Fund will achieve its investment objectives.

Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance does not guarantee future results.

Shareholder Services: [ info@pyxiscap.com ], (877) 665-1287

SOURCE Pyxis Credit Strategies Fund

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Pyxis Credit Strategies Fund Announces Change in Investment Adviser and Administrator

Pyxis Credit Strategies Fund Announces Change in Investment Adviser and Administrator