Please join us for an informative live webcast with Pyxis Funds. The Portfolio Manager of the Pyxis Credit Strategies Fund will discuss the first quarter of 2012, as well as provide insight and thoughts on the market.

Consistent with previous updates, questions may be submitted via our website at https://www.pyxisais.com/Contact-Us.aspx. The deadline for submitting questions is Wednesday, May 30th, 2012 at 4:00 p.m. ET/3:00 p.m. CT. On the “Contact Us” page, please select the Pyxis Credit Strategies Fund, select “Quarterly Webcast Question” as your topic, type your question in the text box provided, and select “Send.”

The live webcast will be held on Thursday, May 31st at 4:15 p.m. ET/3:15 p.m. CT. For information on how to join the live webcast, please visit https://www.pyxisais.com/News---Views/News.

To receive these and future notifications, please register via our website at https://www.pyxisais.com/Register.

For more information, please call 877.665.1287.

About Pyxis Credit Strategies Fund

On January 9th, 2012, Highland Funds Asset Management, L.P. became Pyxis Capital, L.P. [pronounced PIK' - siss], a registered investment adviser serving financial advisers, institutions and individual investors seeking alternative investment solutions.

The Pyxis Credit Strategies 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. 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.

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 Pyxis 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 Pyxis Funds carefully before investing. Please call 1.877.665.1287 or visit www.pyxisais.com for more information on the Funds. Please read the prospectus carefully before you invest.

Securities may be offered through NexBank Securities, Inc. NexBank Securities, Inc. is a FINRA member firm.